FSA Speech on the Solvency II Policy Landscape - Omnibus-man's holiday?

Not sure what the delay was on this speech, delivered at the FSA Industry Briefing day on the 27th Feb was (more likely an RSS feed fault rather than regulatory inertia!), from being published. Some useful summarising of the legislative impasse for anyone who needs Board briefing material.

Of more interest was this particular quote regarding Omnibus II's legislative path;

"I would not like to commit as to whether or not I expect that to happen before the summer recess of the Parliament but certainly once we have the voted-upon Parliament text we will have a clearer idea as to how far away the different parties are from reaching a consensus"

I can't be miles away by suggesting that if this isn't through by July, we have a problem! That being the case, does the lack of commitment speak volumes as to the differences between the competing interests in the trialogues?