Mr. David Duffy:

We are not able to put a financial target on it. There are so many variables. We must deliver on restructuring, capital and Basel III. We must get our costs down and develop a provable model. We must see what the economy and the European market does, how our revenue profile can build or not build and how quickly we can produce a profitable bank that has an attractive yield. In speaking to investors, not one of them would give us any indication of what likely output there would be in terms of a pricing model in the future. The view is that it is too early in Ireland's case - because we are so linked to the sovereign, which is our shareholder - for them to calculate how they would see us in terms of the value of an investment. We would seek to produce a return for the bank in the 8% to 12% range that we believe is attractive to investors and in discussion they have confirmed that, but beyond that we have not been in a position to create any calculations around the exact value potential.