Mr. Gabriel Makhlouf:

It is worth saying that since 2010, a huge amount has been done to improve the regulatory framework, the supervisory framework and the resources we have put into this area to mitigate the risks of failure, although we can never prevent them. The process of resolving an insurance company has not changed significantly. We and the Department published a consultation document a couple of years ago to look to essentially align the insurance resolution regime with what already happens in the banking world. This has essentially been overtaken by European proposals for a new insurance recovery and resolution framework, which, again, is similar to what the banks have. This is in the process of being implemented.