Mr. Florian Wimber:

Ms Thornton described examples of something that is very important for us. Ireland is not a gigantic market. The scalability of a new business coming in is an important factor, as is the return on investment in setting up new business, as Ms Murdock described. Insurance usually does not start as a generic new operation. Existing insurance companies invest in setting up in new markets or, as we have the benefit of the free market of the European Union, they export insurance from their major jurisdiction into Ireland.

The question on this is twofold. One element is what we discussed at length with regard to predictability and volatility in certain market segments and certain market data. The other is the extra cost of coming to Ireland and doing business here compared with Germany, France, the Netherlands or wherever the group might originate. There is a good reason for the additional requirements in Ireland. One of them, which we discussed, is the national claims information database which does not exist in other markets. We all agree it is of benefit. These parts add a layer to what a company must do to do business in Ireland. The question is how much companies can bear these costs to enter a market that is opening up. For example, with regard to the NCID for companies active in the non-life market in Ireland, there is a threshold of €25 million at which reporting requirements start. Below this companies do not face it. From the start, the burden is quite significant compared with the potential market size. The additional element is where a company wants to establish a subsidiary or branch in Ireland. The authorisation aspect of setting up a subsidiary in Ireland is significantly lengthy and we see a challenge there. The attractiveness varies from market segment to segment. It highly depends on the risk side-----