Mr. Michael Kirrane:

We will not give authorisation for any scheme unless there is a licence in place with the Central Bank. It is a matter for the Central Bank to determine who it licenses and what funds it licenses. We do not give any immigration permission unless the Central Bank has granted a licence for a fund. Funds make up a small proportion of the overall investment. They make up approximately 10% of the overall investment of the €507 million we spoke about.