Mr. Pat Casey:

If I might add a little in this regard, I agree with my colleague. The insurance industry is regulated at European Union level and the issue then is to what degree the safety net is there if there is a failure of an insurance company. There is not yet a harmonised approach with regard to the safety net. There are proposals to have a European-wide insurance compensation or protection scheme but it still is at fairly early stages and has not been developed as a proposal. In Ireland, we have the insurance compensation fund and the legislation surrounding it as a safety net. However, a number of restrictions are in place in that regard because of the cost of having in place a complete safety net. For us, the insurance compensation fund is there to protect policyholders in the event that an insurance company becomes insolvent and, consequently, is there at that level of protection.