Mr. Bernard Sheridan:

In Ireland we have a large number of Irish-authorised insurance companies, but they do not all do business in Ireland. In fact, the majority do no business in Ireland. However, we supervise them prudentially in the same way. We are also the conduct of business supervisor for the firms selling in Ireland. There is consistency across the market in that regard.

On whether there is another Setanta Insurance, we have a large number of firms - I am not sure of the exact number - that have notified us of their intention to sell different types of insurance policy in Ireland. However, the number is quite small in the case of motor insurance and these firms are generally not of the size of Setanta Insurance. Generally, they are in particular categories of insurance in which there would have been one big provider. I am not really sure how I should answer the question of whether there is another Setanta Insurance. The European framework is to be and should be applied consistently across countries. Where it fails is where individual firms do not live up to that standard. It is up to the supervisors to make sure they do.