The press reception for the Tánaiste held to announce details of the establishment of the Personal Injuries Assessment Board was attended by many vested interests, including representatives from the insurance industry and the insurance federation. In outlining the strategy, the Tánaiste took questions and answers. Following the Tánaiste's announcement, the representatives from the insurance industry said they could not guarantee insurance premiums would fall and were still speaking about profit. In a submission to the Tánaiste's Department, following an invitation to make submissions, they said also that a cost of €500 million per annum was needed for payouts in claims. When this was put to them by those of us and others who had access to the figures and the data produced in the Motor Insurance Advisory Board's report, the insurance companies did not say there was a huge discrepancy in the figures. Dorothea Dowling and her team had established that the figure was a certain amount, but the insurance companies told us it was a different amount, €500 million. The discrepancy was huge. The response was that they were paying into a fund just in case there would be a certain amount of claims. The figure of €500 million was not spent on payouts.