Ms Mary Harney:

Well, the reason I was anxious to move the regulation of insurance away from the Department of Enterprise, Trade and Employment was because we didn't have the expertise or the resources. I said earlier we had the equivalent of half an actuary and I remember having very detailed discussions with officials and, particularly, the Secretary General of the Department. Clearly, we were concerned because of what had happened in 1985 with ICI, that we did not have the capability internally in the Department to deal with what was a very complex industry and also the coming together of banking and insurance. And a number of banks were involved in insurance products and it was better that they would be regulated with one pair of eyes, as it were. I think I need to be careful in relation to what happened with Quinn Insurance. Clearly, there were regulatory issues that have arisen there, and maybe issues that go beyond regulation ... very serious issues that had implications for the insurance industry in the country and the reputation of the insurance industry internationally, actually.