Mr. Seamus McCarthy:

The fund is managed and accounted by the Central Bank of Ireland. The collection is managed by the Revenue Commissioners on behalf of the Central Bank. The moneys in the fund are used in the first instance at the direction of the High Court where there is potential for a default in insurance compensation. The levy is at a rate of 2%, is charged on all relevant insurances on business in Ireland and is payable into the fund to meet the compensation. To meet the compensation in the first place, a loan was issued from the Exchequer. I think the figure was about €1 billion in total. As the levy proceeds are collected, they are being used to pay back the Exchequer.