Potential areas of focus include the development of an internationally-consistent framework for the imposition of ex-ante macroprudential leverage limits, and further work at an international level to ensure the consistent availability and use of liquidity management tools across the EU (as previously highlighted by ESRB (2017) in their Recommendation on investment funds).7 More recently, and in response to the COVID-19 shock, the ESRB (2020b) also emphasised the importance of the timely use of these liquidity management tools in responding to redemption pressures.8 ***  Conclusion Thank you for listening.
I’ll stop there and take questions. 1 I would like to thank Thomas Conefrey, David Byrne, Stephen Byrne, Neill Killeen, Terry Quinn and Zivile Zekaite  for their contributions to my remarks.