Mr. Domhnall Cullinan:

Non-life insurance companies are required to provide to the Central Bank on an annual basis a statement of actuarial opinion, where essentially the signing actuary certifies that the reserves are adequate. That statement is also subject to the audit of the company's auditors. If the signing actuary cannot provide an unqualified statement, he or she must whistle-blow to the Central Bank. We never received a whistleblowing report in respect of QIL from its signing actuaries. During its interaction with the company, PwC highlighted to us that there were some differences between the calculations of Milliman, the signing actuaries, and PwC. In 2009 and at the beginning of 2010, we facilitated a series of meetings between these bodies and informed QIL that it was unacceptable that these gaps existed. So we were aware that there was arguably an element of deficit in the reserves, but not to the extent that subsequently transpired.

I wish to revisit one or two points Mr. McAteer made. I appreciate he is much more knowledgeable on matters of accounting, disclosures and rules than I am. My understanding is that the €200 million was actually cash that left the company and was not the cancellation of intercompany balance.