Ms Cathy Mannion:

As I said, we license the travel agents and tour operators each year and we monitor their financials during the year. We require them to put in place a bond of 4% of expected turnover for travel agents and 10% for tour operators. We monitor them during the year to ensure the value of the bond is in line with the projected licensed turnover as the year progresses. If, unfortunately, one of these companies becomes insolvent, that money can be drawn down. It is like money in escrow. We have first call on it. We draw down the money and use it to settle claims. If that money is insufficient, Ireland has a travellers' protection fund, which Government ensures is sufficiently funded to cover any excess.