Mr. Pat Lardner:

Brexit has created uncertainty. The uncertainty is how financial services or product providers can access the European markets. The very fact that uncertainty exists is causing organisations and entities to re-look at how they structure themselves and how those services are delivered. That inevitably is providing opportunity, but there is also risk. Many Irish domiciled funds are sold into the United Kingdom and many UK based investment managers provide investment expertise to Irish funds. We have advocated strongly, both to Government and the Central Bank and they are well aware, from their own statistics collected from authorised entities, of the extent of this. It is important that there is a continued ability to distribute Irish domiciled funds into the UK, because it is a big investor market, and that there is the continued ability to delegate - which is the subject of these proposals - not only to the UK but also to third countries.