This would provide a clear choice of a fund that is being managed in a way fully compliant with the relevant EU standards for pass-porting fund management without any additional domestic requirements on the fund, except as directly required by existing Irish law. This would be a major initiative and we want to see the matter very fully considered before we decide on it.
While, from a medium-term perspective, there are several indications that higher short-term interest rates are now influencing monetary dynamics, they have not, as yet, fully translated into a significant dampening of the overall strength of the underlying rate of monetary and credit expansion.