Mr. Gabriel Makhlouf:

I will ask Ms Donnery to come in in a minute on this, but let me kick off. From a global perspective, what we are seeing is a significant growth in the non-banking sector. My own concern is shared by a number of my colleagues and peers around the world. What we want to make sure, and what I am absolutely determined to make sure, is that we hit on the front foot of understanding the risks that the growth in the sector posed to us in Ireland but also to us in the euro system.

We have been doing more work to understand and map the non-banking sector, and we will be publishing some of that information next week. What I announced yesterday just reflects in part my view that we need to deepen our understanding of what is going on, and we need to do a piece of work which at the moment is going to be focused on property funds, but depending on where we get to may actually also expand. Perhaps Ms Donnery can tell Deputy Doherty a bit more.