Mr. Oliver Gilvarry:

This does not really fall under my area. My understanding is that from a funds perspective, the fund could be outside this jurisdiction. The fund could be in Belgium, France or the UK. I do not know whether it could be outside the Union. Potentially, it could be in the US, which would mean it would not be caught by the competent authority here. My understanding is that in such circumstances, the servicer would be caught here. I am not very heavily involved in this area. I know that a fund does not need to be in this jurisdiction to be investing in Irish assets or Irish-domiciled assets. That could be the reason the servicer is caught.