Gateway Portfolio INVESTMENTS PENSIONS PROTECTION

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1 Gateway Portfolio

2 About Canada Life Established in 1903, the Canada Life Group has grown to be a modern and dynamic international financial services business. We are part of Great-West Life, one of the world s leading life assurance companies, from a country ranked the most financially sound in the world *. With a reputation for financial strength, stability and consistently high financial ratings from the independent rating agencies, Canada Life is part of the only life assurance group in Ireland to have a AA rating ** from Standard & Poor s. * Source: World Economic Forum ** The financial rating shown for Great-West Life is provided by Standard & Poor s. Standard & Poor s is a rating agency which provides ratings on the financial strength of companies. This information is correct at the time of going to print.

3 Investments Gateway Portfolio Contents Introduction 4 Gateway Portfolio overview 5 About Gateway Portfolio 6 How does it work? 7 Technical details 18 Questions and answers 21 More information 22

4 Investments Gateway Portfolio Introduction Invest for your future with Canada Life When saving for the future, we all want our money to work for us whether it is saving for retirement, for our children s education or to buy something special. At Canada Life we want to help you invest your money so you can plan for your financial future. Our investment plans are flexible and designed to meet your changing needs. So whatever your investment goals may be, we have an investment option with the right level of risk and reward for you. With our reputation for financial strength, stability and our consistently high financial ratings from the independent rating agencies, Canada Life is part of the only life assurance group in Ireland to have a AA rating from Standard & Poor s *. When you invest with Canada Life you know that you are investing with the strongest life assurance group in Ireland. Warning: If you invest in this product you may lose some or all of the money you invest. Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. This product may be affected by changes in currency exchange rates. The income you get from this investment may go down as well as up. * The financial rating shown for Great-West Life is provided by Standard & Poor s. Standard & Poor s is a rating agency which provides ratings on the financial strength of companies. This information is correct at the time of going to print.

5 Investments Gateway Portfolio Gateway Portfolio overview Type of product Investment Aim Risk Provide you with the opportunity to select from a range of funds investing in different assets including equities, fixed interest, property, cash-type instruments and commodities. You can choose from a range of low, medium and high-risk funds. Minimum investment amount 5,000 Maximum investment amount 2,500,000 Capital protected Funds available Time period Tax and levies No. There are no guarantees provided in this product. Investment performance is not guaranteed and returns in respect of this product are dependent on fund performance. You may lose some or all of your original investment. Choose from a range of low, medium and high-risk investment funds. Flexible. There is no time limit although we recommend an investment period of at least five years. All investment policies are subject to tax rules as set out by the Revenue Commissioners. Tax currently applies at a rate of 33% on any gains your policy makes. This tax is applied a) on money you take out from your policy, b) if you die while your policy is still in force, c) if you assign it to a third party and d) once every eight years. Tax rules are subject to change. This rate is under current legislation. The Finance Act 2009 introduced a 1% levy on premiums paid into life assurance and investment policies in respect of premiums received on or after 1st August Suitable As a medium to long-term investment. Not suitable As a short-term investment or if you want a guaranteed return.

6 Investments Gateway Portfolio About Gateway Portfolio An investment portfolio tailored to suit you Choice for your financial future Create a diversified investment portfolio specific to your individual needs. Enjoy access to a wide range of funds across all the major asset classes, from liquidity and fixed-interest funds to equity and property funds. Details about the range of funds available and the risks attaching to the funds are outlined in How do I choose the best funds for me? on page 10. A flexible way to invest Create an investment plan to suit your changing needs. You can switch between the wide range of funds available during your investment, if your investment needs or preferences change. Your first two switches in each policy year are free. Any additional switches will be charged at 25 each. Please note, in certain circumstances there may be restrictions on when you can switch funds. In particular, this can apply to investments in a property fund. Make your money work for you Our experienced investment managers will aim to find investment opportunities for your money and will aim to provide you with access to the growth potential of the various asset classes within our range of funds. Access to your money when you need it Take a regular income from your investment or just take out money when you need to at any time during your investment. Withdrawals other than regular automatic incomes, up to the allowable limit, will be subject to surrender penalties during the first five years of any investment and any withdrawals will reduce the value of your underlying funds. For more information on surrender penalties please see Technical Details on page 18. Please note, in certain circumstances restrictions may apply to making withdrawals from your policy. In particular, this can apply to investments in a property fund.

7 Investments Gateway Portfolio How does it work? Gateway Portfolio allows you to build an investment portfolio to suit your individual needs by providing access to an extensive range of funds managed by our investment managers. You choose how much to invest (subject to minimum and maximum limits) and then choose where you would like to invest your money from the wide range of fund options available. Once you ve chosen where to invest your money, our investment managers will aim to make your money work for you. Investing in Gateway Portfolio Who is Gateway Portfolio suitable for? If you are between the age of 18 and 85, and resident in Ireland, you can start a Gateway Portfolio at any time. There are no investment time limits: you can invest for as long as you want, although we recommend an investment term of at least five years. This is due to the early surrender penalties that apply in the first five years after any investment. You can set up your Gateway Portfolio to cover one or two people. You can choose to make your investment a single life policy, covering one person only, or a joint life (second death) policy, covering two people and ending on the death of the second person covered. You can also start a Gateway Portfolio for a child under 18. If you do this, the policy cannot be accessed or changed in any way until the child reaches the age of 18. Policies may also be placed in trust for the benefit of a child or children. For more information, please speak to your Financial Advisor. A supplementary application form is required for applicants under 18 years of age. How much can I invest? The minimum amount you must invest in a Gateway Portfolio is 5,000. The maximum amount you can invest is 2,500,000. You can also make additional lump sum payments into your investment at any time. Currently a minimum additional lump sum of 650 is required. Please note the minimum investment amount for the Canada Life/Setanta Focus 15 Fund is 12,500. Choose where to invest Gateway Portfolio allows you to choose from a wide range of funds covering various levels of risk and asset types. You can choose from funds investing in equities, property, fixed-interest and cashtype instruments or multi-asset funds investing in all or some of these assets, each offering a different investment strategy and level of risk in order to create a comprehensive and diversified investment solution tailored to suit you.

8 Investments Gateway Portfolio What funds are available? The investment funds currently available with Gateway Portfolio are shown below. Low-risk funds Canada Life Variable Deposit Fund Canada Life/Setanta Liquidity Fund Canada Life/Setanta Fixed Interest Fund Canada Life/SEI MoM Opportunistic Fixed Income Fund Canada Life/SEI MoM Global Fixed Income Fund Medium-risk funds Canada Life/Setanta Balanced Fund Canada Life/Setanta Strategic Growth Fund Canada Life Property Fund Canada Life/Setanta Balanced Dividend Fund Canada Life/SEI MoM Global Balanced Fund Canada Life/Merrion Managed Fund Canada Life Quadrivium Fund High-risk funds Canada Life/Setanta European Equity Fund Canada Life/Setanta Global Opportunity Fund Canada Life/Setanta Irish Equity Fund Canada Life/Setanta Equity Dividend Fund Canada Life/Setanta Focus 15 Fund * Canada Life/Setanta Income Opportunities Fund Canada Life/Morgan Stanley European Property Fund Canada Life/SEI MoM Global Equity Fund Canada Life/SEI MoM UK Equity Fund Canada Life/SEI MoM European Equity Fund Canada Life/SEI MoM US Equity Fund Canada Life/SEI MoM Japan Equity Fund Canada Life/SEI MoM Pacific Basin Equity Fund Canada Life/SEI MoM Emerging Markets Equity Fund * The minimum investment amount for the Canada Life/Setanta Focus 15 Fund is 12,500. Canada Life retains the right to change the range of funds from time to time.

9 Investments Gateway Portfolio Annual fund management charges will be applied to your policy and the charges payable will depend on the funds you have chosen. A policy fee of 4 per month will also apply to your policy if your initial investment amount is less than 10,000 or such other amount as the Company may from time to time decide. For details on the charges for each fund, please see Technical Details on page 18. For more information on the full range of funds available from Canada Life, please visit our website at

10 10 Investments Gateway Portfolio How do I choose the best funds for me? It is important to be realistic when choosing how and where to invest your money. Be clear about what your needs and investment goals are and consider how much risk you are comfortable with, what kind of return you are looking for and when you will need access to your money. Investment risk versus return Your attitude to risk is probably the most important factor affecting the funds you choose and you will need to decide how much risk you are willing to take with your money. All investments involve an element of risk. Even in funds considered low-risk there may be the potential to lose money due to fluctuations in interest rates or otherwise. The level of risk is linked to the potential level of return; usually, the higher the risk, the greater the potential for a good return on your investment. However, high-risk investments also tend to have more sudden, short-term negative changes in value, which may not suit some investors. When you invest, you want to get the best return for your chosen level of risk. If you want more modest, predictable returns, a low-risk fund may be best. If you are happy to let your investment rise and fall with the potential of higher returns in the long term, high-risk funds may suit you. The expected returns for different types of funds can also vary greatly. Investment time versus access to your investment Some funds are more suitable as long-term investments, giving your money time to grow, while other funds are more suited to shorter investment times. An investment to help pay for your children s education, for example, may be longer term, while saving for a deposit on a house might be shorter term. If you need to have immediate access to your investment, some funds such as property funds will not be suitable for you, as these types of funds may have restrictions on when and how you can withdraw your money. Talk to your Financial Advisor for more information and help on choosing the best funds for you.

11 11 Investments Gateway Portfolio Choosing where to invest Some funds invest in a single asset class while others are more diversified and invest in multiple asset classes. Our funds invest in a range of asset types including equities, property, fixed-interest, cash-type instruments and commodities, each offering a different investment approach and level of risk. The major asset types are as follows: Cash-type instruments Cash-type instruments have a lower risk than other asset types but also tend to have smaller returns. They are often compared to leaving money on deposit at a bank and are best suited to cautious investors who do not want too much risk. Even in cash-type instruments there may be potential to lose money and the return on the investment may not keep pace with inflation so the inflation-adjusted value of the investment may drop. Fixed-income Fixed-income securities, or bonds as they are also known, are essentially loans issued by governments or corporations to investors. Investors lend money to governments or large companies, who issue a bond in return promising to pay interest on the loan at regular intervals and pay back the full amount at an agreed future date. Fixed-income securities, or bonds, are usually seen as a low-risk investment, though there is still the potential to lose money. Property Investing in property as an asset class usually refers to investing in commercial office, retail or industrial property, allowing investors to benefit from the potential returns available without having to invest the large amounts of money and time needed to buy a commercial property. However as property is less liquid than other asset types, there may be limits to when investors can switch or cash-in their investment. Property funds are usually considered medium-risk investments. Equities (or stocks) Equities, or stocks as they are also known,s represent units of ownership in a company that are traded on stock markets around the world. Stock prices are volatile which means they can go up and down on a daily basis, but equities tend to have better positive long-term returns than many other types of funds. Equities are usually considered high-risk investments and are not suitable for short-term investment. Commodities Commodities are basic goods and raw materials, such as grains, gold, beef or oil that are traded in markets or exchanges around the world, often through futures contracts. Commodity prices are determined by supply and demand, so values can change daily. They are viewed as a high-risk investment but can offer higher returns and can be a good way to add diversity to an investment portfolio but are not suitable for short-term investment.

12 12 Investments Gateway Portfolio How is my money invested? You can choose to invest in up to ten different funds and your money will be used to buy units in the funds you have chosen. After your money has been invested, the value of your investment will be linked to the units in your chosen funds. The value of fund units can change every day, for example due to changes in the value of the underlying investments. The actual amount invested in your chosen funds is calculated as the investment amount multiplied by the relevant allocation rate. Your allocation rate will depend on how much you have invested. Allocation rates for Gateway Portfolio are shown in the table below. Investment amount Allocation rate Less than 149, % 150,000 to 499, % More than 500, % The Finance Act 2009 introduced a 1% levy on premiums paid into life assurance and investment policies in respect of premiums received on or after 1st August Please note the 1% Government Levy will be due in addition to your investment amount. Example Premium amount 50,000 1% Government Levy Allocation rate 100% Investment amount 49, Talk to your Financial Advisor for more information on allocation rates.

13 13 Investments Gateway Portfolio Switching funds Gateway Portfolio gives you the flexibility to switch funds. Switching funds lets you change your investment choices as your circumstances change. In the early years of your investment, you might want to invest in high-risk funds that have the potential for greater returns. If your investment grows, you might want to move your money into low-risk and more secure funds with the aim of protecting your savings. Please note, in certain circumstances there may be restrictions on when you can switch funds. In particular, this can apply to investments in a property fund. How do I switch funds? We strongly recommend that you talk to your Financial Advisor before you switch funds to make sure that you choose the best funds for you. You can also contact our Customer Services Team by phone on , by at customerservices@canadalife.ie, or online by visiting customer-services. Your first two switches in each policy year are free. Any additional switches will be charged at 25 each.

14 14 Investments Gateway Portfolio Management of your money Who will manage my investment? Your investment manager will depend on your choice of funds. Setanta Asset Management Limited ( Setanta ) is Canada Life s primary asset manager. Setanta was established in Ireland in 1998 and has grown steadily since then. With a Dublin-based team, Setanta is focused exclusively on the business of asset management. Setanta provides clients with a full range of investment options that covers the entire risk and reward spectrum, from liquidity and fixed-interest funds, to equity based funds. As well as Setanta Asset Management, Canada Life offers access to a range of additional investment managers to offer an even broader level of choice. Our other investment partners include but are not limited to; SEI Investments, Merrion Investment Managers and Morgan Stanley. SEI Investments (SEI) is a global leader in Manager-of-Managers (MOM). The MOM concept is a sophisticated investment approach, which builds up a portfolio of specialist investment managers around the world rather than a portfolio of individual stocks and bonds. Merrion Investment Managers has built a reputation upon a proven approach to investment management that has delivered consistently strong performance not only in years when markets have risen but also during periods when markets have fallen. Merrion Investment Managers focuses on controlling risks, while obtaining the maximum return available within the market. Morgan Stanley Investment Management (MSIM) is a client-centric organisation dedicated to providing investment and risk-management solutions to investors worldwide. How can I keep up-to-date with my fund performance? You can access daily fund price and fund performance information for a select range of our life assurance funds through the daily fund price and fund performance update on

15 15 Investments Gateway Portfolio Access to your investment when you need it Gateway Portfolio allows you to access your investment at any time. You can take a regular income from your investment fund or just take out money when the need arises. Please see How do I withdraw money from my investment? on page 16 for details of restrictions that apply. How do I take a regular automatic income? You can choose to receive regular payments from your policy: every month, every three months, every six months or once a year. You do not have to pay any surrender charges if you choose to take a regular automatic income from your investment. You can take your regular payments either as: A percentage of the value of your policy. The maximum payment amount is currently 7.5% of the value of your policy each year before tax. The amount you receive will vary as the value of your policy changes or A fixed amount each year. The minimum payment amount is 125. At the start of your policy a maximum of 7.5% of your total investment amount can be taken. If you start to take your fixed annual income at a later date, then a maximum of 7.5% of the surrender value of your policy can be taken. To make your regular payments we will deduct units from your policy equal in value to the amount of your payment. We will also automatically deduct any tax due and pay it directly to the Revenue Commissioners on your behalf. It is important to be aware that any withdrawal (including withdrawals by way of regular automatic income or payment of tax) from your policy will reduce the value of your investment. In order to receive regular payments, the value of your policy must be equal to at least 1,250. If your policy value falls below this amount you will no longer be able to receive regular payments. Please note, limits for regular income payments and minimum policy values are subject to review and may be changed at the discretion of Canada Life. Canada Life may also review your policy and reduce the amount of fixed income payments.

16 16 Investments Gateway Portfolio How do I withdraw money from my investment? You can withdraw money from your investment at any time. The minimum partial surrender amount is 650 and you must have at least 1,250 remaining in your policy after each withdrawal. You can also fully surrender your investment at any time. Please note, in certain circumstances restrictions may apply to making withdrawals on your policy. In particular, this can apply to investments in a property fund. Talk to your Financial Advisor for more information. If you make a withdrawal or surrender your policy within the first five years of any investment amount you will have to pay surrender penalties. Surrender penalties for Gateway Portfolio are shown in the table below. Surrender year Surrender penalty (% of units surrendered) Year 1 5% Year 2 5% Year 3 5% Year 4 3% Year 5 2% Year 6 onwards No surrender charge Separate surrender penalties are calculated and separate periods apply in respect of the initial investment and any subsequent additional investments. Example: Full surrender in year 1 following expiry of the cooling off period Policy value 49,500 Surrender penalty 5% Surrender value 47,025 For information on charges please see Technical Details on page 18. It is important to be aware that any partial withdrawal from your policy will reduce the value of your investment. To discuss making a withdrawal from your Gateway Portfolio please contact our Customer Services Team by phone on , by at customerservices@canadalife.ie, or online by visiting

17 17 Investments Gateway Portfolio Paying tax and levies on your investment All investment policies are subject to tax rules as set out by the Revenue Commissioners. Tax currently applies at a rate of 33% on any gains your policy makes. This tax is applied a) on money you take out from your policy, b) if you die while your policy is still in force, c) if you assign it to a third party and d) once every eight years. The Finance Act 2009 introduced a 1% levy on premiums paid into life assurance and investment policies in respect of premiums received on or after 1st August Canada Life will automatically pay any tax or levies due directly to the Revenue Commissioners on your behalf. Please note that tax rules are subject to change. More information on tax and levies is also available from the Revenue Commissioners website at

18 18 Investments Gateway Portfolio Technical details Gateway Portfolio - Policy details Minimum term Maximum term Minimum entry age Maximum entry age Minimum investment amount Maximum investment amount Basis Automatic income option This is an open ended contract. However we would recommend a term of at least 5 years. There is no maximum term on this contract. 18 (19 next birthday). A person over 18 years can set up a Gateway Portfolio policy for a child or to be held in trust, but different terms and conditions will apply. 85 (86 next birthday). 5,000. 2,500,000. Available on single life or joint life (second death) policy. The minimum payment amount is 125 and the maximum payment amount is currently 7.5% of the policy value each year before tax. Your policy value must be at least 1,250 in order to receive regular payments. Canada Life may review your policy and reduce the amount of fixed income payments. Limits for regular automatic income payments are subject to change from time to time. No surrender penalties apply to withdrawals from your policy under the regular automatic income option. Partial surrenders Death benefit The minimum amount that can be part surrendered is 650. Your policy value must be at least 1,250 after each surrender. Partial surrenders made in the first five years of any investment may be subject to surrender penalties. Please see below for more information. 101% of fund value on your policy on the day after Canada Life receives notification of death and all requirements, less any applicable tax. No surrender penalties apply to the payment of any death benefit. Please note, in certain circumstances there may be a delay in making payments on your policy. In particular, this can apply to investments in a property fund. In these circumstances, your death benefit will be based on the value of your fund when the payment is made.

19 19 Investments Gateway Portfolio Gateway Portfolio - Charges The following charges apply to Gateway Portfolio. Your allocation rate depends on the investment amount. The minimum allocation rates are shown below. Your allocation rate may be different. Allocation rates Investment amount Allocation rate Less than 149, % 150,000 to 499, % More than 500, % Please talk to your Financial Advisor for more information on the allocation rate that will apply to your plan. Initial investment amount of 10,000 or more no policy fee applies. Initial investment amount less than 10,000 currently 4.00 per month. Policy fee The policy fee is subject to review at any time and may be increased at the discretion of Canada Life to reflect increases in the cost to us of maintaining your plan or for any other reason in the future. An annual management charge applies to your policy. The charge depends on the funds you have chosen. The annual management charges detailed below are deducted within the unit prices of the funds. For the majority of funds currently available the annual management charge is 1.5% with the exception of the following funds: Annual management charge Canada Life Quadrivium Fund 1.75% Canada Life/SEI MoM Opportunistic Fixed Income Fund 1.80% Canada Life/SEI MoM Global Fixed Income Fund 1.80% Canada Life/SEI MoM Global Balanced Fund 2.00% Canada Life/SEI MoM Global Equity Fund 2.10% Canada Life/SEI MoM UK Equity Fund 2.10% Canada Life/SEI MoM European Equity Fund 2.10% Canada Life/SEI MoM US Equity Fund 2.10% Canada Life/SEI MoM Japan Equity Fund 2.10% Canada Life/Morgan Stanley European Property Fund 2.15% Canada Life/SEI MoM Pacific Basin Equity Fund 2.30% Canada Life/SEI MoM Emerging Markets Equity Fund 2.40% This charge is subject to review at any time and may be increased at the discretion of Canada Life.

20 20 Investments Gateway Portfolio Surrender and partial surrender penalties Surrender year Surrender penalty (% of units surrendered) Year 1 5% Year 2 5% Year 3 5% Year 4 3% Year 5 2% Year 6 onwards No surrender charge Separate surrender penalties are calculated and separate periods apply in respect of the initial investment and any subsequent additional investments. Switching No charge for first two fund switches each year. Additional switches are charged at 25 each. This charge is subject to review at any time and may be increased at the discretion of Canada Life. Bonuses Tax and levies Depending on the product structure, a bonus of either 0.25% or 0.50% of the value of the policy may be added at the end of each policy year in the form of extra units. When payable, this bonus has the effect of reducing the effective management charge from those listed above. Please talk to your Financial Advisor for more information on whether a bonus will apply to your plan. Tax currently applies at a rate of 33% on any gains your policy makes. This tax is applied a) on money you take out from your policy, b) if you die while your policy is still in force, c) if you assign it to a third party and d) once every eight years. All investment policies are subject to tax rules as set out by the Revenue Commissioners. The Finance Act 2009 introduced a 1% levy on premiums paid into life assurance and investment policies in respect of premiums received on or after 1st August Buying and selling costs The value of your policy may be affected by the costs associated with buying and selling the assets underlying your policy. When applicable, these costs will reduce the value of your fund. Please note that all charges, investment amount limits, fund limits and policy details are subject to review and may be changed at the discretion of Canada Life.

21 21 Investments Gateway Portfolio Questions and answers Will Canada Life update me on the progress of my investment? Yes. We will send you an annual statement which details the value of your investment plan every year. You can also access daily fund price and fund performance information for a select range of our life assurance funds through the daily fund price and fund performance updates on our website at You may also ask us to provide you with a policy statement on paper. If you request this statement it will include information such as the value of your policy. Please talk to your Financial Advisor for further information. What happens if I die during the investment term? On death, the amount payable will be calculated as 101% of your policy value on the day after Canada Life receives notification of death and all requirements, less any applicable tax. If your policy is a joint life policy, your policy value will be paid when the second person covered by the plan dies. Please note, in certain circumstances there may be a delay in making payments on your policy. In particular, this can apply to investments in a property fund. In these circumstances, your death benefit will be based in the value of your fund when payment is made. Can I cancel my policy? Yes. You can cancel your policy at any time. We recommend that you talk to your Financial Advisor before you decide to cancel your policy. For more information on any surrender penalties that may apply, please see Technical Details on page 18. Please note, in certain circumstances there may be a delay in making payments to your policy. In particular, this can apply to investments in a property fund. For more information, please contact our Customer Services Team by phone on , by at customerservices@canadalife.ie, or online by visiting Can I change my mind? Yes. A 30-day cooling off period applies to your policy. This means that if you change your mind and decide that you no longer want to proceed with your policy you can cancel your policy at any time within 30 days of the receipt of your policy documents. Simply send a written cancellation request, signed and dated, to: The Manager, New Business Department, Canada Life House, Temple Road, Blackrock, Co. Dublin. You must also return your Original Policy Document. Canada Life will return the money you have paid, less any costs associated with buying and selling the assets underlying your policy and any losses incurred by us as a result of fluctuations in the value of the assets underlying your policy, during the period from inception of the contract to the date we receive written notification of cancellation.

22 22 Investments Gateway Portfolio More information For more information on your policy we recommend that you speak to your Financial Advisor. You can also contact our Customer Service Team by phone on , by at or online by visiting For information on the full range of products and funds available from Canada Life, please visit our website at:

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24 Important Information Please refer to your Policy Conditions and Policy Schedule for full details of your Canada Life policy. If there is any discrepancy between this brochure and the Policy Conditions and Policy Schedule, the terms of the Policy Conditions and Policy Schedule shall prevail. This document does not form part of any contract. For full details of all our products, please refer to the specific product Policy Conditions. The information contained in this document is based on current legislation and is, therefore, subject to change. The contents are intended as a guideline only and should not be construed as advice or an interpretation of the law. Whilst every care has been taken in the preparation of this document, Canada Life accepts no responsibility whatsoever for any errors or omissions in the information contained herein or for any loss occasioned to any person acting or refraining from acting as a result of any statement in this document. You should always seek advice of an appropriately qualified professional. Canada Life House, Temple Road, Blackrock, Co Dublin. T F E customerservices@canadalife.ie W CANMU /12 Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.