Mr. Bernard Sheridan:

To respond, the framework that applies to insurance companies operating in Ireland largely is driven at a European Union level. That framework provides that if a firm is authorised in its home country, which can be any member of the European Union or the European Economic Area, EEA, it is entitled to sell insurance provided it complies with notification requirements. It also must comply with the minimum standards. These minimum standards will be changed within the next year and a half, when the provisions of solvency II come in and these standards will be raised. At present, however, once a company is complying with the minimum standards set at EU level, it is entitled to operate anywhere throughout the EU market. As to whether there is another Setanta out there, I am unsure whether it is dependent on whether it is in Malta or any other country. It has more to do with how the individual firms are being managed and supervised. I am not sure whether this is country-specific because the rules apply across the EU market.