Michael D'Arcy (Fine Gael) | Oireachtas source

In page 6 of Professor Connor's statement he says that Irish bank shareholders and share markets also pressurised bank management to pursue risky strategies; there was an expectation of rapidly increasing annual earnings and dividends in the absence of which share prices suffered relative to competitors and the bank risked becoming a takeover target. When he mentions Irish bank shareholders is he referring to individual shareholders or institutional shareholders?