Mr. Kevin Thompson:

Solvency II is a heavy legislative measure and it was in the pipeline for eight to ten years before coming to fruition. Solvency II is a risk-based model. It is supposed to enhance the regulatory environment and to enhance solvency in terms of protecting against future failures. Our companies have been preparing for a long time for Solvency II and they illustrate that point. There might have been some commentary around Irish insurance companies not preparing for Solvency II, but most of our companies are subsidiaries of larger multinational groups and those groups would have subsidiaries in other European countries that have been preparing for Solvency II. It is just not credible that a subsidiary of a multinational group in the Irish market would not be following the group-wide Solvency II initiative that it would have across all of Europe. Our companies have been preparing for a long time for Solvency II and it has come as no surprise. We see Solvency II as a good thing. It will allow more transparency around the solvency of each company into the future.