Pat Lardner

There is a paradox, though.

Despite the fact that Ireland is one of the easiest and best places in the world to create an ETF, it's actually one of the most difficult places in the world to effectively buy one because of the tax treatment that we have on exchange-traded funds, something that we are hoping and urging government to address very early in the new year when they launch their savings roadmap.

20,000 direct jobs located all over the country with 46% of those jobs based outside of Dublin.

Because the industry is here, almost an additional one other person for every one of those jobs is here.

And a billion euros in revenue.

And the reason why it's really important for Ireland in a more competitive global environment is that we are serving investors from all over the world.

So the demand for what we do is not limited by what happens in the domestic economy.

And also because we're addressing a global market.

And remember, the funds that we look after here are distributed to 90 countries around the world.

The scale and the potential growth opportunity for Ireland is massive.

And that's why we are very strong advocates of more agility, greater delivery, making sure a bit like when ETF started 25 years ago, that we're at the start of emerging trends, whether it be private assets,

tokenization structures, because as you said, in order for us to have high market share, you don't get that overnight, but you get it by swift, decisive action early as these innovations actually bed in.

So more and more, we're seeing jurisdictions around Europe and internationally trying to mimic the success that we have here because of the fact, as I said, it's a growing industry.

The needs for people to save not just in Ireland, but around the world are growing.

So we would see active competitive threats to what we do, which is why when we talk about numbers being up.

That is eaten bread.

That is flows that has happened.

That is no guarantee to the success of the industry going forward.

And we want to make sure working closely with government in a proactive, agile way that we can deliver and make sure that those people that are driving to work this morning around the country

can have long careers, that we can employ more people around the country, and that we can position Ireland strategically within Europe as a great place to support investing.