Mr. Fergus Murphy:

The average cost of funding in AIB and the EBS is approximately 3%.

Until recently, the standard variable rate in AIB was 3%. We have a €41 billion portfolio so there is much processing and organisation around it and it is clearly loss-making. As our CEO stated, we are attempting to bring the bank to viability, sustainability and profitability. In that regard, we must sell products in AIB at a profit going forward, just as any viable bank would. Our mortgage book is loss-making. The cost of running the book is about 60 basis points per annum in terms of the operating cost for the people and processes. The cost of credit going forward will probably be about 50 basis points. If one takes an average funding rate of 3% and adds on that 1.1%, one still sees a book that is break-even or loss-making.