Mr. Brian McHugh:

As many members will be aware, we are conducting an ongoing investigation into the insurance sector. That relates to price signalling by insurance companies. It is a large investigation. I will not say much about it for obvious reasons but we have collected approximately 1.4 million documents and held about 55 summons hearings so it is very large and many insurance companies are involved. We will see what the evidence is to bring that case to a conclusion but, as Mr. O'Leary has said, sanctions are not within our control. Finding that something is anti-competitive is a matter for the courts subject to where we go with the ECN+ and we are hopeful that this will change.

Regarding Europe and the wider market, the European Commission is also carrying out an investigation into the insurance market in Ireland in respect of access to information and whether there are any anti-competition issues. We work closely with it. Obviously, it is the Commission's investigation.