Can a third-country branch use its parent company’s EU passport to access the European market from that third country? That cannot be in the spirit of European law. And the subsidiary might just serve as a shell company. As I said, we do view these kinds of design critically.
Ultimately, we all have to be concerned about the real sector and recognize that financial sector development is not a goal by itself but is intended to enable the growth, not just of the  BIS Review 129/2009  7  rich, but more importantly inclusive growth cutting across all segments of the society and regions.