Mr. John Quinlan:

Our combined operating ratio is the critical figure of our premiums, less claims costs and less expenses. If that is less than €100 million then we are making money without having to rely on investment income, which we cannot do. Our group, to attract capital in Ireland and remain safe, will require a combined operating ratio of 95% out of 100%. It is important that we continue to attract capital here. We are struggling to do so, certainly from the Lloyds market following its remediation of its book.