Mr. David Duffy:

I will deal with both issues together. It is relatively clear from our perspective. Our priority has been to get the bank back to sustainable profitability for the very purpose, as I have said, of lending in the economy, returning value to the shareholder - the issue raised by the Deputy - and also helping people in distress. The issue of how to do this involves all of the things I mentioned in our preamble and significant changes are required to get there. We have stated our objective is to get to that position by 2014; therefore, that is when we would have profitability. The purpose behind this is to allow us time to begin - we have begun already and are in numerous discussions - talking about foreign or other investors in the bank. Our strategy on the first level is to pursue the bank model we can deliver that we would have confidence would attract investors and to begin conversations with these potential investors where the first conversation is about building trust. Then over two years we would expect to be able to convince them that everything we were doing and delivering would suggest one could trust a management team to execute a model that would deliver sufficient return on investment. That is the path we are pursuing, regardless of anything else that happens. These conversations have been positive and people have been pleased to see us back in the marketplace in discussions around these topics.

With regard to the ESM facility, I really do not have a perspective on whether it will succeed or come to life, or when it will come to life. Certainly, if there is a positive - if it did come to life - the bank would become a bank that had a foreign investor, that was no longer linked with a sovereign risk and that could be attractive to investors. There are a number of possible advantages to cheaper funding. However, the view of the team is that we cannot build a bank strategy around anything we do not control. We need to build a successful bank model based on the environment we can control and deliver a bank that will be profitable in 2014 and have positive discussions with investors along that curve until 2013. If somebody subsequently offered the ESM to us and that was a solution we could apply to the bank, of course, we would be happy to consider it in a positive light.