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Michael Arougheti, President of Ares Management

The Walker Webcast

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Commercial Real Estate

I think it is a risk not to be too negative on bank regulation. We're still seeing capital flow in the local market, but we've just seen consolidation. And for better or for worse, because of the red cap framework and the way the system is constructed, they've been effectively pulling capital out of the system anyway. So there's been a natural credit contraction that could warrant a rethink.

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