Mr. Ronan Hession:

My recollection, which I can correct from my notes, is that the report from the Maltese regulator that was provided to the committee in July identified some of the key players involved, but a substantial amount of the shareholding was in the name of a company or trust of sorts. The net issue is who is behind that. This is the basis for the liquidator's application or legal work to get the courts to release those names.

On the second part of the Chairman's question, relating to who was responsible for supervising, the regulatory authority involved was the MFSA. The way that the regulatory system across Europe works is that firms can get authorised in one country by their home regulator and sell business on a passporting basis into other jurisdictions. Setanta Insurance was authorised in Malta. Therefore, the MFSA was its home regulator. The Central Bank was what is called a host regulator - that is, it dealt with conduct-of-business issues, the consumer interface, etc. As to the financial position, the lead supervisor was the MFSA.