Kieran O'Donnell (Fine Gael)
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I have two quick questions, the first of which I am asking to seek clarification. In his presentation, Mr. Gilvarry said that "the ESMA will be given responsibility for the authorisation and supervision of certain types of investment funds structures - European venture capital funds, European social entrepreneurship funds and European long-term investment funds". I am seeking clarification with regard to so-called investment funds that are investing in Ireland. They are known by the ordinary person on the street as "vulture funds". The regulation of such funds happens by means of the regulation of their agents which are operating in Ireland. Does that fall in under this ambit? Is that what we are talking about here or is it something completely different?