Mr. Gabriel Makhlouf:

There are a number of reasons the sector is growing - as mentioned earlier - some of which reflect the fact that they offer greater flexibility and diversification from traditional sources. The growth also reflects the fact that the banks are, in many ways, also recovering from the financial crisis. The legacy of that is still playing out. Other entrants are also entering the market. Another reason for the growth is what we term "the search for yield". In a low interest rate environment funds are looking for vehicles to identify new sources of yield. Tax regime always plays a role, and not simply the tax regime in Ireland; it is also the tax regimes relative to each other. It means the rate of tax but also the rules and compliance around those. There is a whole series of factors that explain why the sector has grown.