Mr. Michael McGrath:

There are three different parts to that. There is a 2% ICF levy on all non-life products. That is essentially to refund the Exchequer and, effectively, the taxpayer in respect of contributions that were given predominantly in the collapse of Quinn Insurance over a decade or so. You will recall that, earlier in the year, we were before the committee and the figure for outstanding balance and so on is about €380 million. Ballpark, we are receiving a little over €100 million a year. The expectation is that the amount of money would have been repaid by about 2027. If there were no other collapses or a requirement for advancing of State moneys, the expectation would be that that levy would then go on all of that. That is the 2% ICF.

Then there was the motor insurance investor compensation fund, which is another 2%. That is just on motor policies. That is what is known as an in-advance or an ex antefund to build up towards €200 million, but the legislation provided that once that reached a figure of €150 million, the Minister could reduce the levy. This summer that was just short of €150 million and the Minister, in anticipation of it reaching €150 million, signed a statutory instrument in October to bring that 2% levy to 1%. That will kick in on 1 January 2024. We anticipate that should head towards the €200 million figure that is seen as a sizeable pot to guard against any future events in a number of years' time. Then there is a provision in law for the levy to go to zero at that point, unless there is a draw on the fund.

The last piece, which is not a levy but a stamp duty, is that there is 3% on all insurance. Generally speaking, most people, the motorists-----