Mr. Oliver Gilvarry:

Germany has a €5 million base threshold but it has the option of going up to €8 million, at which point the issuer must produce and publish a securities information sheet approved by BaFin, the German financial regulator. That is offered in conjunction with investment advice or brokerage by an investment firm. Part 23 basically sets out the requirements for the entity. Germany has gone at this a bit differently, in that they say the threshold is €5 million but one can go up as far as €8 million with these protections. What we have done is set it at €8 million with these protections and disclosures that must be done. If there is an intermediary in Ireland selling that security, whether it is a MiFID entity or an Investment Intermediaries Act authorised entity, there is a conduct of business rules requirement for which the Central Bank is the competent authority. That is why we feel comfortable moving it up to €8 million and made that recommendation.