Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

Okay, that would be great. I thank Mr. Hogan.

There are some general questions and there is general ill-ease. I received a very good response back from the Department of Finance, which is worth putting on the record. It relates to securitisation and the exposure of the financial market generally to Russian assets. Mr. Hogan may correct me if I am wrong but the Department told me that at the end of 2021, Russian assets represented only 0.1% of the on- and off-balance sheet financial assets and liabilities held by Irish authorised banks, that is, €1.7 billion, 0.3% of total assets of authorised investment funds, or €11.5 billion, and 0.1% of the total insurance sector assets of €97 million. I think the Department also gave me numbers in relation to the special purpose entities, SPEs, that just under 2% of the 3,000 special purpose entities, which of course are totally legitimate entities, had been identified as having links to Russia and that it was currently estimated that one in three of those, that is, 17 SPEs being 0.5% of the total SPE population was directly linked to individuals in the scope of the sanctions regime.

It seems to be a contained exposure; I do not want to say that it is small. What are the Department's concerns on this as we move forward? Particularly, as I asked about the enforcement of sanctions that have been imposed by the EU.