Mr. Paul Carty:

No, not necessarily, as there is a link between capacity, or volume of business that is written, risks taken on board and the solvency ratio. For instance, they might decide to reduce capacity and take on less risk, and at better pricing their ratios will be enhanced. It depends on such factors, no matter what is the jurisdiction. It could mean an insurer might decide to stop writing a particular line of business that is not particularly profitable. They would write less business and would require less capital to support the business they are writing. There are external issues at play here, which will be revealed in this particular year as this is when Solvency II bites. Starting from 1 January, it will be published next May.