Mr. Stephen Rance:

I will not try either to answer all ten of the Deputy's questions in one go but I have an overview of this. In the proposals we put forward we recommended that Ireland have a national, standardised MI scheme backed by a consortium of insurers. That scheme would be under the oversight of the regulator. Therefore, we would hope that the regulator would examine some of the areas the Deputy raised, which include transparency, consumer representation, elements of capital relief and State bank versus commercial bank culture. We see the regulatory oversight as critical for managing something through the good times and the not so good times.