Michael D'Arcy (Fine Gael)
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We are discussing traditional banking and how the traditional banking sector ended up where it has ended up in Ireland. Can I ask about the newer models because Professor Black said he wants to look to the future, and we also want to look to the future? I refer to the newer models of banking such as equity funds which operate in all but name as a bank with their investment in commercial property, and in particular the new disruptive technologies that are disrupting the banking system, as we currently know it, in terms of the tech platforms that have been made available. I refer to what Ana Botín, the chair of Banco Santander has said. These are new challenges that are coming down the tracks rapidly and that are unregulated. What is Professor Black's opinion on those entirely, or substantially, unregulated sectors that could give rise to catastrophic problems in the future?