Mr. Angel Mas:

Personally, on the basis of our international experience, I would disagree with that approach. Markets are better served by applying what has worked in the past and what international markets identify and recognise. Successful experiences in other parts of the world show that this works best when there are a number of specialists providing the service. They must be specialists and really know what they are doing. Generalists are not appropriate. General insurance companies do not provide these products because they require a very specific set of skills. The risk is then spread, as with normal insurance, through re-insurance. We have a panel of eight re-insurers in Europe and 11 in Australia. In Australia, the re-insurers provide €60 billion of capacity per year. There is significant re-insurance capacity available in the market.