Mr. Stuart Gilhooly:

It is very much our view. As we have said in the past, and as we made clear in both presentations, there has been no real change in claims costs over the course of the last seven or eight years. If it is indeed claims costs that are driving up premiums, why were they not driven up two, three or four years ago? That just does not make any sense. There therefore must be other factors. I think Dorothea Dowling said on "Claire Byrne Live" last night that it was her feeling that the Solvency II Directive was driving the increase, that there was an unpreparedness for the Solvency II Directive that was driving insurance companies to build up their capital reserves. As Mr. Murphy has correctly pointed out, there is a suggestion that they have already decided that next year will see a further 40% increase. They do not even know what the claims market will be like next year, so I think this is a red herring.