Mr. Ronan Gallagher:

It is a policy. The business case relates to the fact that we have EU policy obligations in this regard and then a broader regulatory consideration around the idea that we have a company that is regulating itself. One way to look at it, if it is helpful, is that the IAA is essentially the equivalent of the Central Bank and the Bank of Ireland in the same organisation and no one would think it a good idea to merge them.

We have an industry regulator and an industry service provider, a key market player in the one organisation. Therefore, we are separating that out. We have had NewERA run through the books and we have preliminary financial information. We will finalise that during the course of the legislative process. The decision-making for us is around a regulatory policy piece.