Dr. Cyril Roux:

Yes. Our Department is always up against the clock to transpose Solvency II, but we operate under Solvency II and that has been transposed in time. That takes care of the first question.

With regard to consolidation, Solvency I was not consolidated in European terms. There were 14 directives, but Solvency II swiped that clean and replaced those 14 directives with one. We did the same, in a sense, so for all insurance firms operating under Solvency II, the transposing Act acted as a consolidator.

We have a handful of firms which are so small that they operate under Solvency I and we have not consolidated those. In the main, the insurance companies we are talking about come under that.