Mr. Bernard Sheridan:

It is a fair point. As I discussed earlier, clearly, we cannot guarantee this is not going to happen again. It is back to how the firms are being managed and supervised. At European level, the solvency II directive will certainly be a step up in terms of the supervisory framework and risk assessments that are in place and the role of the supervisor. Another issue is the engagement and co-operation among supervisory authorities, which is an important area we need to consider as a result of this. We certainly had very close engagement with the Maltese authorities but that was when the problems arose, so that is another issue we can certainly look at.