Mr. Barry O'Leary:

We did investment business with 24 local authorities throughout 2011. Increasingly, local authorities have acquired their own skills and have not come to us for much advice in the past 12 months. Our costs are quite small. We are offering rates of 0.3% and they are getting considerably more from the pillar and other banks. As the cost of our funds is so low, we cannot afford to pay any more than that rate.