Mr. Kevin Thompson:

I would like to comment on the engagement we have with the OPW in terms of the maps and the exchanging of information. The protocols that are now in place have not been there before. When the memorandum of understanding was originally signed, we saw it as the first step in a long process. We had to agree on the standard of the data. We had to be able to interpret that data correctly in order to incorporate it into the underwriting assessment models used by each of our members. We are working through that now in respect of the work that the OPW has carried out on the schemes. That is really the first step.

A question was asked about the sinking fund. Our view is that this is a simplistic and probably unsustainable approach to what is ultimately a very long-term problem, due to climate change and so forth. The best model, in which we have taken the first step, involves understanding what flood defences have been put in place. We are working with the OPW to understand better what flood defences need to be put in place. This links with what needs to be changed in the planning guidelines. The maintenance of drains and flood defences, which is a critical step, is an example of the simple things that are often neglected. Returning to the issue of planning, there is a need for restrictions on the type of development in flood-prone areas that has happened previously.

It all comes down to sustainable investment that will give us the results we need. I will try to put that into context. Between 2001 and 2014, the average level of annual capital expenditure by the Government was approximately €28 million per annum. For the purposes of comparison, our nearest neighbour is spending approximately €69 million per annum on a like-for-like basis with population being used as a leveller. The UK Public Accounts Committee has committed £2.3 billion in terms of flood risk management over the next six years. When that is compared on a like-for-like basis with the spend in this jurisdiction, it is clear that we need to be spending approximately €250 million per annum on flood defences. As a sector, we know that may or may not be realistic in some ways. No one thing such as a sinking fund will solve the problem, or alleviate the issue for policy holders or for people who do not have insurance. There is a need for a combination of the factors to which I have alluded.