Mr. Seán Quigley:

What we are talking about here are cases that were determined years ago, so there is no option to go back and revisit an award. We are talking about awards that go back maybe 30 years. It is only in recent years, with a particular case that set a precedent, influenced by the lack of progress on the periodic payments, that the courts decided to apply a different metric. Prior to that, there would have been actuaries and consultants in the courtroom saying, "We think this is what is required", while somebody else might say it was something else. A consensus was agreed on the amount that would be awarded. We, then, are given that, and we have to work with it, whether it is adequate or not. Obviously if it is adequate, and that would be the case in some situations, we do not have to expose it to any more risk than is necessary. It is incumbent on us, however, and prudent, and within the trustee legislation, to invest in equities. Even at the height of the crisis, we only had 65% in equities. Pension funds and other funds out there would have had much higher exposure, so it was a measured risk that we were taking.