Mr. Gerry Hassett:

That is my point. The year 2013 was the period of peak losses in the sector. Companies such as Setanta and Enterprise collapsed, with a major multinational company here having to recapitalise itself to the tune of hundreds of millions. To put this in context, with average premium levels, we collect approximately €1.5 billion a year and pay out in the order of €1.1 billion or €1.2 billion.