Professor Philip Lane:

It is the other way around.

If there were a problem with a non-bank with these funds, the consequences for the Irish system are less than if a bank gets into trouble. We have tried to be clear here. We regulate the banks not only for conduct but for prudential reasons to keep them safe. We do not have that prudential motivation for the non-bank funds because the investors are elsewhere and they are not man on the street depositors. There is a clear logic to that.