Dara Murphy (Cork North Central, Fine Gael) | Oireachtas source

In respect of the language that Mr. Duffy used about variables and the market changing, perhaps one of the most refreshing parts of this morning was that the IBRC also acknowledged, as we all do, that there is a broad range of variables. However, the IBRC still set a target at which to arrive. It may be worthwhile to look at the model set out by the IBRC in the documents its delegates laid before us as to where it sees itself going. As a State-owned bank, AIB should have that objective rather than a more vague ambition.

My next question concerns SMEs. Mr. Duffy said that 90% of formal applications for credit are being approved. Could he briefly define "formal application"? Certainly, there is anecdotal evidence that many businesses are being refused before they arrive at a formal application. Does Mr. Duffy have a figure for the number of people who are being refused before they get to the formal application stage?