Mr. Domhnall Cullinan:

The gifts were, as Deputy Stanley stated, transfers out. I want to clarify that in the context of a great deal of media speculation about people and everything else. These were proper - for want of a better expression - inter-company transfers and I have no reason to believe for a second that there was any tax evasion involved, particularly not on the part of Quinn Insurance at that time. I want to clarify the issue of gifts. Sometimes, what items are described as in the accounts are not necessarily what they might appear. I have no reason to believe there was any tax evasion.

The responsibility for complying with the insurance Acts and the regulations, which are in place to fundamentally protect policy holders and, more widely and indirectly, the wider taxpayer, rested squarely with Quinn Insurance and those charged with the management of that company. The role of the Central Bank is to ensure as far as possible that such companies comply with the requirements and, indeed, to act when they do not do so. I have already explained why certain things were not done in the past as well as they might have been and how we feel we have rectified and will continue to improve that in the future.