Volvo: VOLVO 740 GLE EMMISSIONS LIGHT, volvo 740 gle, hand volvo

Question
I have just bought a second hand Volvo 740. After two weeks I noticed a fibre comming out of the exhaust that I believe to be part of the baffle system on the back box. Now the Emmissions warning light has illuminated on my dash. Can you tell me what this likely means and are the two events connected? and can I take it to any auto repair shop or can only a main dealer sort this problem out? Appart from this fault The car runs smoothly and the engine purrs like a kitten!

Answer
if it was my car i say they are unrelated, the lights come on when service is due sometimes (some cars), if it's running very good, no problem, i would consider it very low priority and def. check out owners manual for service interval lights coming on or ask the dealer (don't go there they will cost you a fortune) i would have the car hooked up to find out what the problem is, sometimes the light comes on for charging problems you don't want to get stranded somewhere if it was that....