Mr. Kevin Thompson:

The industry did not develop geo-coding. We believe it is redundant. Insurers use Eircode now because it is a more precise tool in helping insurers identify a property's location. Geo-coding was a crude tool in that it did not allow for elevation. It captured a particular area but there could be numerous houses within that area. At one end of the spectrum a property could be in a low-lying area close to a river and at the other end it could be on an elevation but each would be captured within the same geo-coding. We are now using Eircode which pinpoints the location of an individual house. We believe Eircode is effective and should feed through in terms of how companies assess underwriting risk and should be to the benefit of consumers.