Dr. Cyril Roux:

Can I go back to the Deputy's points? He is saying we should have acted in a way that would have caused prices to increase earlier. This would have meant that policyholders were paying more at an earlier stage. There would have been a more gradual increase. We cannot act in such a manner. Firms have requirements and we monitor against those requirements. When we were under Solvency I, as we were until the end of last year, firms had to respect a solvency margin because of the minimum harmonisation directive. Rather than asking for the solvency margin, the practice in Ireland was to ask all firms to have between 1.5 and two times the solvency margin. We decided we were not comfortable with the EU rule and we decided to set the Irish rule at a much higher level. As long as one does not reach a requirement, one does not reach a requirement. We are talking about actions that force commercial entities to do certain things. We do not have the power to run these companies. They either adhere to these requirements or they do not.