Joe Lynam

We're used to the traditional ones, which a lot of people listening in might have some of their own money wrapped up in.

But this is a particular segment of that where we got in early and we have a big market share.

And was this like a new product category, effectively?

I mean, are we taking it from somebody else?

So why is Ireland getting this business?

Is it tax?

Is it regulation?

Is it just the general environment?

Or as you said, is it first mover?

So why are we getting this stuff and why isn't it going to London, Paris, Frankfurt, etc.

Now, a lot of people listening in will be eating their breakfast or whatever and say, listen, that's great for Pat Lardner and the funds industry, but what's the wider economic spin off of all of this stuff?

So can you walk me through?

It's great to have these assets here.

I'm sure it boosts lots of figures and balance sheets and fund totals and so on.

But what's in it for the rest of us?

Now, can you draw sort of a moat and drawbridge around the industry?

Is there competitive threats out there?

Are there other locations trying to steal your lunch in other markets that maybe we wouldn't be used to?

I know Luxembourg in particular is another one that gets mentioned.

So who's out there, the non-Irish Pat Lardner who's saying, well, leave Ireland and come to us?