Dr. Colm O'Reardon:

I am not sure it would be wise of me to get into the specifics of that. I will return to the question the Deputy asked. There have been a number of changes in the landscape. The Solvency II frameworks have been put in place so insurance companies are now subject to more rigorous standards in respect of provisioning and capital requirements. There is also a new European-level directive, the name of which I am trying to find, intended to improve the frameworks within which insurance companies operate so that when these situations arise, the arrangements for dealing with insolvency are improved. The Deputy asked whether the new regime is better. There are at least two pieces to point to in that regard. One is the Solvency II directive, which includes provisions for insurance companies. There is also a European Union directive, which is not yet concluded. I will find the name of the directive in a moment.