Mr. Kevin Thompson:

With the proposed pre-funding 2%, it will probably collect, on the latest gross written premium, between €34 million and €40 million a year. Currently, the ICF collects approximately €74 million a year. All in all, one will be collecting over €100 million a year.

Deputy Michael McGrath is correct in stating there is approximately another ten years to go in paying down the Quinn piece. Even though we are only contributing the €34 million, in the context of Setanta where there was a €90 million, one is looking at a three-year contribution to cover that liability. Once the fund is established, it will bring a degree of certainty should such other events occur in the future.