Mr. Paul Carty:

The pricing was irresponsible for the reasons we covered here today. It certainly went below where it should have been. That is probably indisputable now. I believe the courts jurisdiction made a contribution, and I agree with the Deputy - I cannot put a finger on it but I suspect it is very significant - on the effect of the adjustment to Solvency II, with all the impacts we are talking about here. The investment market is very difficult for the insurers. They must value their assets at market value, whether it is marked up or down. All of that will be revealed right now. This is the year it has first taken effect. The Deputy mentioned the stress tests. All of this will be published on 1 May next year when they have to publish something in a comparative sense. I can only remark that this is a fact. I do not know what contribution it will make but I suspect it is making a contribution.