Mr. Gerry Cross:

It follows on from the line of exchange with the Chair a few moments ago. What is the substance of what is going on in the transfer context? The prospectus regulation allows for the issuer to apply to transfer the prospectus approval to another authority and for that other authority to become the home member state authority for that prospectus. The question we asked ourselves a long time ago is what that means. The criteria are the domicile of the issuer; the country where the issuer's securities are admitted to trading, which does not apply in this case because they are not admitted to trading, at least in the European Union; and the location of any offer proposed by the issuer. Dare I say, it is the principle that is also embedded in the prospectus regulation itself, which is, what is the connection? Where there is a third country issuing debt in the European Union, where should that prospectus be approved? It should at least be in the places where it is making the offers. It is not making offers in Ireland any more, so it does not make sense that the approval would remain with us. That is what they were asking us. As is required under the regulation, the issuer can ask to move the authority, and that is the basis on which we have looked at this.