Mr. Gerry Hassett:

If I could explain the context of this, dual pricing is a practice that happens in the insurance industry in Ireland and across Europe but it is also happens in many other sectors. We even heard Mr. Fergal O'Leary say that the Competition and Consumer Protection Commission's review will be across several sectors. Essentially, it is driven by companies that want to grow their market position. It stimulates competition. As a practice, very often a company might even have a teaser rate as a loss leader to attract new business. There are some dimensions to it that are positive. It stimulates competition in the market, rewards customers who shop around and, hopefully, in time, it would attract new entrants into the industry. That is positive. The question is the extent to which that practice penalises the loyal customer. There must be a balance. For example, a recent CCPC survey shows that motor insurance has one of the highest rates of switching of any market in Ireland. It was up at 27% to 28% annually. I personally believe that is a good thing. It signals a vibrant market and that is a good thing but we must be cognisant of consumers who are loyal to companies and whether they are they being treated fairly. For me, it is a question of balance and getting that balance right.