Mr. Ronan Mulligan:

That is difficult to say. Deputy Murphy has to think about how much capital they had to put into the industry to be permitted to trade and what those numbers represent as a return on that capital. The absolute number is a big number but they have to hold enormous amounts of capital on a regulatory basis to be allowed to trade as insurance companies in the State and therefore expressed as a percentage of that capital is that a great return or not for the investments they have made? That is how I would look at it. On that basis, I apologise but the numbers get even more complicated because the capital is supporting not only motor business, but property business, commercial business and lots of different types of activity, each of which has variable profits. Unfortunately, it is very complex and it is not really for me to say they were making huge amounts of profit or normal or low profits. One could do that type of analysis but it would be complex and get a better answer expressed as a rate of return rather than an absolute amount.