Mr. Kevin Thompson:

I will respond to some of the Deputy's comments. In terms of climate change, I accept his point. We referred to it as only one element of many that cause floods. My other comments were about flood defences, better planning and so forth. There are a lot of elements at play.

In terms of the work we have done with the OPW, I concur. The insurance sector, through Insurance Ireland, is always open to engagement and we see the exercises we have done with the OPW as very positive. One must remember that the last real flood which catalysed the engagement between us and the OPW was in October 2011. After that, both organisations reached out to each other, and that has brought us to this point, which is far better. I accept the Deputy's point that stakeholder engagement can be widened, and we are amenable to that. If there is a forum in place we will be happy to engage.

In regard to the sinking fund, I did not mean to cause any offence to the Deputy. The point I tried to make was that this is a complex issue and we want a long-term and sustainable solution. The defences put in place must be of the required standard, permanent and in the places where they are most required, will give us the best delivery for the investment we make and, more importantly, allow our members to underwrite the risk in an appropriate fashion within the regulatory environment in which we operate.