Mr. Pat Lardner:

I would look at it in two different ways. The first point is that the size of the assets that are in the funds reflects assets that are deployed all over the world. They are invested in global stock markets and bond markets all over the world. I would not equate the value of money in the funds with the amount of supervisory oversight. For example, a fund could invest in money market instruments, which are cash or cash-like and bear very little market risk, but could be quite sizeable by quantum of assets. The approach that the Central Bank takes is a prism whereby it risk-weights entities, and the extent to which regulatory time must be devoted to supervision and oversight is reflected in what is paid in regulatory fees. One cannot make a simple one-to-one or linear relationship between the quantum in a fund and the amount of effort that is required to supervise it. That also applies to an entity, for that matter.