Mr. Fergal O'Leary:

I must be clear that this is not an investigation. It is an analysis of the market so I can speak more openly in that regard. Like other markets, confidence ebbs and flows in this market so it is about whether it is a good or bad market to be in. There was a view in the public liability market over the past few years that possibly because injury awards were very high and there was a feeling they might get worse, it was a part of the insurance market that companies did not want to be in.

I am speculating here that the study will continue over the next six to nine months. I hope it will not continue for another 12 months but it will certainly continue for the next while to try to figure this out on an evidence base. There is definitely a feeling that there is a movement in and out of the insurance market. We want to figure out how to bring confidence back to the market and bring players back in. I know this is something the Department of Finance and the Minister of State, Deputy D'Arcy, are working on. They have met companies and told them what Ireland is doing to make it an attractive place for business. Ultimately, the more players that are in the market, the better that will be for businesses and consumers in terms of access to the facilities that we have seen close in the past couple of months.