Mr. Ronan Mulligan:

I am not sure I agree with all of what the Deputy has said. It is true that the CEOs have changed; that we were coming from a position from 2010 through to 2014, for which we have statistics, when insurance prices were at a very low base; that a number of companies did suffer erosion to their capital bases because they were not profitable through that period; and that there were some failures and some withdrawals through that period. The Deputy said the model was broken. What I would say is that prices were too low for there to be a sustainable profitable model and insurance companies have responded-----