Mr. Pat Lardner:

Mr. Coleman will discuss other sectors, but the issue is significant in the case of funds. Even if someone is living in the UK and invests in a fund based in the UK and Ireland, that capital is being employed across Europe. We have a €13 trillion base of European investment funds. To disrupt those savings patterns without some form of grandfathering and transitional arrangements would be cutting off the lifeblood that goes to finance companies, Government agencies, financial institutions and all of the things that have a very deep need to drive on growth in employment not only in Ireland, but across Europe. In all of our submissions and my comments at this meeting, we have stressed that grandfathering and transitioning are important because of the point to which the Deputy alluded, that being, how long it takes to negotiate these types of deals.