Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I thank Dr. Stewart. I refer to the financial crisis and the steps that were taken in the aftermath of the financial crisis of 2008. The Financial Crisis Inquiry Commission was set up in the US in the wake of that crisis. That inquiry commission identified shadow banking as a significant contributory factor to the crisis. Returning to today, a fortnight ago the Financial Timescarried a story about how shadow banks are threatening the global economy. The article went on to discuss how many companies rely on expensive junk-rated debt just to survive and how the coming interest rate increases could put them in real jeopardy. The IFSC holds a lot of junk-rated debt. Are there concerns here? Are there issues or red flags about which we should be worried? Are there risks that we could see a repeat of something similar to the last crisis? While no crisis would be identical, are there concerns here about that?