Ms Dorothea Dowling:

We must be very precise. I bring the committee's attention to page 27 in the circulated presentation. It is very easy for the market to say it has made a loss but I have broken that down. In 2013, the year referred to by Mr. Carty, the industry representatives argued it made a terrible loss of €281 million. This can be said because Royal and Sun Alliance got into difficulty, with a hole in the claims reserves of €270 million from the head office. Taking that out as a statistical outlier, the rest of the market made a profit of €73 million. If that is expressed as a percentage of the earned premium income, it is a return of 5%. Some will have made more than that and some will have made less.