Mr. Seán McGrath:

As I alluded to earlier, the Competition and Consumer Protection Commission has indicated that insurers are not to make public pronouncements on the future direction of pricing. We would love to assist the committee and highlight the potential savings but we believe we are precluded from doing so. I again give the guarantee that should claims costs come down, Allianz will reduce its pricing. Again, we price to deliver a margin of 6% on underwriting. If claims costs were to come down, the additional margin would be passed on to consumers in the form of price reductions. We will not change our target margin so we will pass on any savings to consumers. I do not believe we can go any further in saying publicly how much or when.