Mr. Pat Lardner:

What prompts somebody to come here is, irrespective of Brexit, is that they want to access certain types of clients or to provide certain services. The ability of Ireland to be able to execute is going to be the key. I again refer to Ireland, given that we have national industries now in lots of sectors of financial services. What firms will seek to do, naturally and understandably, is to adhere to all regulatory requirements, manage their business and serve their customers in a way that provides as little disruption as possible. What we ultimately have to try to do is to enable all of the reasonable regulatory obligations to be met but allow firms to execute their business effectively and to get them, if they are new, to start a business footprint that can be scaled over time. The biggest thing that has generated growth in financial services, and I will speak for funds but I think it serves elsewhere, is getting a locally-based management team that is incentivised to grow the business, whether that is in Limerick, Cork, Dublin, Kilkenny, Galway or wherever it might be. That is ultimately what we want to get out of these processes and to be fair, that is really what we have been doing for the past 25 years. It is just that we now have a catalyst driving those decisions in a very compressed timescale.