Mr. Ronan Mulligan:

During the period, as we have said, companies were defending market share. It is a very price-sensitive product so the primary strategy they would have had to achieve that would have been to reduce premium rates through that period in an attempt to defend that market share. What we can expect of insurance companies is that they will act in their own economic best interests so they would have made a judgement that this was in their economic best interests through that period. In respect of Mr. Honohan's comments and whether it was imprudent or not, one would need to go back and consider what the strategies of the insurance companies were through the-----