Irish Financial Services Regulatory Authority Signs Memorandum Of Understanding With China

In Beijing, on October 23, 2008 the Taoiseach, Brian Cowen

presided over the signing of a Memorandum of Understanding

("MoU") between the Irish Financial Services Regulatory

Authority (the "Financial Regulator"), the China

Securities Regulation commission (the "CSRC") and China

Banking Regulatory Commission ("CBRC").

The CSRC is the state agency responsible for the supervision and

regulation of national securities and futures markets in the

Peoples Republic of China ("PRC"). The CBRC is the state

agency that supervises deposit-taking financial institutions

ensuring the stability of operations and helping avoid excessive

financial risk.

The purpose of the MoU is to protect investors and promote the

development of the securities and futures markets by providing a

framework for co-operation, increased mutual understanding and the

exchange of information, to the extent permitted by the laws and

regulations in force in Ireland...