Jim Murphy: Globally, companies are under a lot of financial pressure, companies are keen to keep budgets in check. It would be misguided to approach an M&A transaction where the stakes are very, very high with very much a budgetary frame of mind. The approach that we try to take is to understand the client's financial pressures, to work with them to understand where their real needs are, to make sure they have a clear understanding of what it is that we will bring to the table, and as we work through the project to keep them updated continually and make sure they're happy with the output and ultimately the direction that the project is taking so that finally they can see value for money.
In Ireland, we've seen a number of potential deals that haven't come to fruition, and there have been a number of reasons for that. In some cases buyers have not been prepared to pay the price. In other cases it's been concerns with regard to the eurozone crisis.
Looking ahead we would expect that there will be more M&A activity, further consolidation, particularly with the onset of Solvency II. Right now, where we are, there's quite a degree of uncertainty regarding the implementation date of Solvency II, but when that is clarified or cleared up, I would expect that we will see an increase in activity in the M&A space.