Dr. Cyril Roux:

I will outline some thoughts on Brexit. It will have relevance to UK and Gibraltar firms operating here. Some UK groups operate here with a subsidiary, such as RSA. RSA Ireland Insurance is an Irish firm. My sense is that it will continue to operate as an Irish firm. Aviva and AIG are UK firms that operate here with a branch business under freedom of establishment provisions within the European Union. When the UK moves outside of the European Union, the status of UK branches will change. Perhaps there will be transitional arrangements or an agreement to enable UK companies to operate within the EU as a branch or perhaps not. This is not something I can foretell. We have seen UK firms operate on a branch or subsidiary basis and this has changed over time. I expect there is potential for change.