Mr. Gabriel Makhlouf:

As Mr. Cross explained, the discretion we have is fettered by statute. We have to operate within the framework that is presented to us. We took the view that, at the end of the day, if these securities were no longer going to be offered in Ireland, we had no substantive legal standing to refuse the transfer-of-approval request. We thought about the issues but in the end we came to the conclusion that there was no reasonable, proportionate argument that would justify our refusing the transfer of approval.