Mr. Pat Lardner:

I will confine my comments to funds and let Mr. Coleman speak more broadly. Equivalence, as a concept, exists under certain European directives. It is not universal and is fraught with some difficulties in that under equivalence, I view you as being equivalent at a point in time so it becomes more difficult in terms of permanence of supply of business relationships. The feeling that there might be some level of universal equivalence between the EU and the UK is problematic. There is an equivalence in terms of the Irish regulators' recognition of the UK regulatory supervisory environment and the way in which firms conduct their business which should permit, other things being equal, a continuation of business.