Dr. Cyril Roux:

Many questions were asked. EIOPA designed its stress test to examine major risks to the insolvency and sustainability of insurers in the eurozone. A major risk is posed by those insurers that offer long-time guarantees on returns.

The firms are not Irish. In the main, they are continental insurers that offer guaranteed returns over a long period when the investment income is way below it. The gist of the European Insurance and Occupational Pensions Authority, EIOPA, stress test is to look at insurers, located mostly on the Continent, that offer long-term guarantees and consider whether they will honour their commitment to their policyholders when the investment returns fall far short of the guaranteed return. This is what is at stake. It is not something that has a direct bearing on our industry. There are no long-term guarantees in non-life because one can change premiums every year. In life, most of the Irish industry offers unit-linked products. The continental companies would have a serious problem in Europe and this is what the EIOPA stress test tries to address.

I am sorry but I did not jot down the next points.