Mr. Seán Quigley:

We have looked at these cases. As I said in my opening statement, we have not denied that there may have been a small number of cases. There were a small number of cases that probably came in in the couple of years before 2008. If those cases had to sell units during the financial crisis, they would have incurred a loss. The losses were quite small based on the reviews that we have carried out.

However, the fund was designed for the lifetime of the person over a longer period. The value of those funds has recovered substantially and so they are benefiting from having been there. A person in a long-term fund with a 90% return over the past 13 or 14 years, who likes the 90% but does not like that little bit when there was a dip, should not be in that fund. That person does not want the risk of that dip despite benefiting significantly by being in there for the longer period. The alternative to that is to invest in a much lower-risk strategy, probably cash or bonds. However, even at the lowest point in the financial crisis the growth fund was still outperforming those lower-risk funds. That is what we are up against.