Mr. Michael Blaney:

On the Deputy's point regarding insurance and regulation, the advantage that we have is that we can operate, currently, with a single regulator, namely, the UK regulator, and that allows us to passport into the Republic. Should that situation change, we would have to progress an application directly with the Central Bank of Ireland, the regulator of our sector here.

It would most likely mean double sets of fees. We would have two standards to which we would need to operate because the professional exams do not translate as they have different levels and standards. We have a requirement to ensure our staff are trained to a competent level and there are different standards of competence. Effectively, it would be difficult for us to operate a dual-regulation system. It makes perfect sense the way matters are now. We hope this will not change and we will still be able, in some form, to passport into the Republic of Ireland. If we had to pursue a separate line of regulation and train people separately, it would be a barrier to us doing business here in the future.