Mr. Adrian Varley:

I agree with our colleagues from the Department that the strengthening of the European regulation was essential. That was what was referred to as Solvency II, which is being reviewed at European level. It is important to add the local perspective, which is the supervisory side as well as the regulatory side. We are confident the system has been strengthened in the past ten years. It continues to be reviewed. There will always be smaller firms that fail and these compensation funds will be continued into the future. It is a European concept that is needed. However, the Deputy is absolutely right about the magnitude of the issue and the fact we are still paying down-----