Mr. Domhnall Cullinan:

Before Dr. Cassidy speaks, I would like to add one small point to Mr. Cross's answer to the first question. I agree with Mr. Cross that we are at the forefront of supervision in Europe. As he said, we are deeply involved in the European supervisory authorities. However, that is not just simply a thought process on our part. We are part of and subject to the European Insurance and Occupational Pensions Authority, EIOPA, under which we have what we call peer reviews where we review each other's works all the time. We always come out very much as best in class as part of those reviews. EIOPA often comes to us, as a small country that has, as Mr. Cross said, a footprint right across Europe and the world, to see what the best practices are it uses us almost as the base case. That goes some way towards showing where we are in terms of European supervisors. I will hand over to Dr. Cassidy now.