Under pensions regulation derived from the European Commission, Irish pension schemes are restricted in the amount of financial interest they may hold in either the employing company or its wider group.
Is holding Irish government bonds now effectively a holding against the scheme sponsor for Irish banks? Let'e push that from the sublime to the ridiculous. Is holding German government bonds now the same as holding a financial interest in the parent of the sponsoring company of the pension scheme of an Irish Bank?
It's an interestnig philosophical question.