Mr. Kevin Thompson:

There are two sides to it. First, under current regulation, there is information we must provide that the Central Bank seeks from us periodically and annually and we provide that. The challenge that now has been put to us as an industry by our stakeholders and the public is whether we can make more transparent what is happening in respect of our claims and how we settle. Our point is we are conducting a scoping exercise to bring that to life and to make that happen. In some ways, that rests with the Central Bank and I will explain that. Senator Conway-Walsh has also made this point. If Insurance Ireland as a body starts to produce a statistic, there will always be a question mark as to whether we are putting our spin on it and whether it is the real thing. Our point is we want to scope correctly. We want to extract the data and we wish to make sure there is independent oversight of those data which can verify that what is available is a true and fair reflection of what is happening in the marketplace.