Mr. Philip Bradley:

As I mentioned in my statement, in the motor and liability market over the years from 2013 onwards the Irish insurance industry paid out €1.1 billion more than it took in premiums. I do not believe the market can be characterised as one in which there has been excessive profit. There have been some very large losses and some companies were forced into liquidation as a result. This is not a market where profitability is excessive when one looks at it over a reasonable period of time.