Mr. Pat Lardner:

There are a number of questions in that, so I will break it down if I may. At this stage, Ireland represents about 14.6% of European fund assets, and a little bit less than 5% of global fund assets. We are significant, and thankfully, due to a number of the aspects that Deputy Doherty outlined, we have been competitive. However, it is important to say that the funds industry and investment in funds generally have been growing at a strong rate globally. For example, this year alone we have seen over €600 billion worth of additional monies coming into European funds, not funds in Ireland. That is because of two things. The first of those is people's need to provide savings. A Deputy referenced the move from defined-benefit to defined-contribution schemes. Clearly, people are making more provision for their own retirement. I would not want the committee to think that the upward trajectory of growth that we are experiencing is something different, or-----