Charlie McCreevy, speaking at the EC conference on private equity and hedge funds, took up the themes of the de Larosiere report. He acknowledged these funds have not been central to the crisis. However, he said hedge funds had not been the stabilising force expected. Because of the market position of hedge funds during the crisis regulators have to think about the systemic risks of hedge funds as a group, rather than individual ones. The problems for private equity funds are different, mainly based on unavailability of loans. So any future regulation must not confuse the two types of vehicle and should build on the existing framework. Also it must not lose sight of the sophisticated nature of fund investors, the transnational character of the industries and the problems that were not unique to their business.