Mr. David Duffy:

Those are all fair observations. Our view is that there are many examples of what we have been through and the many solutions that have been applied. Each market is different and we should learn as much as possible. In any submission we take this into account. In a country this small and with such a proper drive waiting in its economy we must have a conservative approach to long-term stability. That said, there should not be a law of unintended consequences. One is dealing with a policy which, in principle, is absolutely fine. The question is whether the numbers are fixed and can never change. The real question concerns how to execute that change and prevent any single class from being disintermediated for 40 years, as the Deputy suggested. How does one effect the transition? We will come up with some response in the consultation along the lines of establishing a point of real policy and principle that could be applied to the circumstances and varied accordingly. This should be kept under review, which is what we would do in the case of anything else. Perhaps we might have a meeting of minds on the best way to apply the principles in transition. It may never get to 20; it may stay at 15, or it may get to 17; I do not know. We hope there is a rational execution model tha ensures nobody is shut out of the market, while at the same time observing long-term stability in the marketplace.