Mr. Aidan Carrigan:

Of course we acknowledge that there are risks associated with money market funds. I stated at the outset that we believe that this sector of shadow banking, which is the first sector of shadow banking to come up for comprehensive review, should be better regulated and that the risk of runs should be mitigated. We should reduce the risk of such runs to the greatest extent possible. There is a whole range of regulatory measures within the Commission's proposal that we fully support. We think they should be added to. We have our own ideas on increasing transparency and the use of liquidity gates for redemption fees, nor are we ruling out the buffer. We fully accept that there are risks here which need to be addressed, and we want to engage in addressing them as constructively as possible.