Mr. Kevin Thompson:

In terms of reassurance, the Deputy will probably be aware that, in the last couple of years, we have gone through the implementation of Solvency II. One can argue this is a risk-based prudential model that is more robust in terms of prudential regulation of insurers within the marketplace. As an industry, we are firmly committed in terms of the existing FOS and FOE passporting model because our industry is ultimately heavily reliant on that. If one looks at the Irish international financial sector, particularly in regard to insurance, insurers domiciled here passport into 110 different countries, servicing 25 million policy holders across Europe and beyond. Our industry has been built on this and we firmly believe in the FOS model. We also firmly believe that the establishment of Solvency II, particularly as it becomes more established and refined, will be the ultimate protector for consumers in terms of making sure there is adequate solvency within each entity in Europe.