Mr. Alan Dukes:

The IBRC and the two pillar banks carry out a number of operations for the National Asset Management Agency, NAMA. We run a unit that is an outsourced part of the NAMA operation under a service level agreement. I am happy to say that it works well. NAMA has gradually devolved more and more of the decision making on this part of the portfolio to the IBRC. It has been suggested to me that NAMA believes that outsourcing some of its operation is effective for it. Policy on this issue will not be made by the IBRC, but by the Government.

Our modus operandi includes and will include for some time to come an occasional reflection on whether it would be better to outsource some parts of our operation. Some of them have already been outsourced.

In the final analysis, we will have shrunk the bank to the point where it would be conceivable to sell the entire thing in one or two chunks if we could find a buyer. This is how we would work it out. Merging with other entities is not something that we are contemplating. If someone wants to make me a proposal, I would be happy to consider it.