Ms Moyagh Murdock:

We have, indeed. We have continuous engagement with the Central Bank. The UK is a good example in this regard whereby any new interventions or initiatives that are introduced by the Financial Conduct Authority, FCA, undergo a cost-benefit analysis before being embarked upon. There are certain things we would like to see brought into this jurisdiction, whereby before we start on any major exercise that could put off new entrants into the market, we would look at the benefit of what we are doing.

We certainly welcome robust and strong supervision. Ireland has an excellent reputation for this and it is very attractive to blue-chip companies coming here to sell insurance. It is a selling point. However, there is a balance.