Mr. Bernard Sheridan:

To be honest, I really do not think it is a "Yes" or "No" answer. We have a responsibility to protect the interests of Irish policyholders and believe we did so in this case inasmuch as we possible could have. We referred the matter to the Maltese authorities and continued to press them to take action as quickly as possible because we were concerned about the firm. As set out in their statement and ours, they carried out a thorough and independent review. We had no visibility in terms of the overall financial position of the firm. That was not our responsibility. However, we certainly brought our concerns to the attention of the Maltese authorities. They undertook their role and the actions they took are set out. Come January, they issued the direction to cease writing new business.