4  BIS central bankers’ speeches  From a domestic perspective, it is important to understand the linkages between the activities of these sectors and the domestic economy and any potential risks to the domestic jurisdiction. In fact, Figure 3 shows that Irish-resident collective investment vehicles: (i) have a proportionately low exposure to Irish-resident assets; and (ii) are owned by relatively few Irish-resident investors.
In any event, each year brings us nearer to the point where the government will no longer need to issue tradable bonds to finance the deficit, and then to the point where the government will have surplus funds since it cannot control the amount of earmarked bonds issued.