Mr. Vasileios Madouros:

I will come in and perhaps Mr. Kincaid will also.

As the Governor stated, a large non-bank financial sector is resident in Ireland and includes a number of diverse entities. Some are investment funds that invest here and the majority invest abroad. These are regulated from an investor protection perspective. In the non-bank sector there are also entities that do not fall into our regulatory perimeter, including from an investor protection perspective, apart from some very small touch points. In response to the Deputy's point about the implications for the economy of high volume investment, I will refer back to what I spoke about earlier. We did some work around macro-prudential measures for investment funds that invest in commercial property. One of the reasons for that is they now account for a significant share of the commercial property market in Ireland. Therefore, any potential financial vulnerabilities could have an effect on the market and, through it, on the broader economy. We have been active in this area but only in the context of links with key parts of the domestic economy.