Dr. Cyril Roux:

In the specific case of the Irish market, AXA Insurance Ireland publishes its accounts in line with company law. Those accounts are available. The Central Bank reports on the aggregate profit and loss of firms each year as part of the macrofinancial review in its own economics publication. If the Senator were to go back and look at the macrofinancial review that was published by the Central Bank at the time in question, he would see that it was made clear that the insurance cycle had turned, or was turning, and that these firms were making losses. That was clear. We fulfilled our mandate to the Irish policyholders because these companies remained solvent at all times even though they were starting to make losses.