Mr. Pat Casey:

The issue here is that this company was registered in Malta and, as such, was regulated by the Maltese authorities. That is the key point. How it was regulated was under Maltese law. My understanding is that at the end of January the company was still considered to be putting itself into an orderly run off. The Malta financial services authority requested that it stop taking on new business but it was still expected to meet its claims in full. That was the position.