Professor Philip Lane:

Over the past number of years and including this year, we think there has been about a 5% expansion in staff each year. We are expanding. Insurance is one area in which we have expanded. There is a commitment to increase staffing levels. It is not the case that the supervisory system is somehow compromised or at risk as a result of a lack of staff. We want more staff, especially in insurance for Solvency II and so on. We have a big insurance sector here. There is not a mission critical lack of staff. We are growing and we want to grow more. It would be wrong to say there is a severe gap between what we need and what we have. We are fulfilling our responsibilities as the insurance regulator and as the regulator for other sectors. With more staff and also with the accumulation of experience by existing staff more can be done over time. We are absolutely fulfilling the requirements as the insurance regulator and regulator of other sectors.