Mr. Mark O'Mahoney:

The issue around inflated asset classes and their super-liquidity at the moment is a concern. It is probably more of a macroeconomic concern than something our members would be concerned about on a day-to-day basis.

The point has been well made that if there is a lot of hot money looking for a home and this floods into bonds based on SMEs or SME debt, for example, without due diligence as to its quality, there is a risk that ultimately the businesses will fail and it will not be an efficient use of capital. Facilitating the flow of capital for the sake of it is not necessarily a good thing. From the point of view of our members, we would look for a diversification of the avenues in which they could access finance - not necessarily easy money, but a broader spectrum of financial instruments or products that they can access. SMEs would not necessarily need to know what the backing is behind the bank or front of house from which they are procuring a financial product. They would need to know that it is suitable for them and their financing needs.