Mr. Bernard Sheridan:

There is no single European supervisory authority. The industry is based on the premise that there are home host regulators and that companies are entitled to sell insurance provided they have managed to be authorised in their home country.

On the framework we use in Ireland and what we apply to firms in respect of which we provide for prudential supervision, we have strengthened the framework, including in the area of reserve management. Also, Solvency II will strengthen the framework. In terms of what we have learned, we have tried to be at the forefront of what the regulatory framework should be.