Mr. David Duffy:

The original decision was taken before my time. I am not even sure if all the parties are here. The question of why we are not doing it now and what will happen in the future is the most pertinent issue. It involves sitting down as a senior group of people and working through, with the Department and with the troika, what is needed to bring a bank back to stability. There are three things – one must be able to price products so that they are not at a loss, lower the cost of funding and significantly reduce the cost to the bank. If we put that together in a strategy to bring us to profitability in 2014 and include our assumptions on our margins, it means we will not be reacting to variables of ECB rates. In that sense, the reason for not making a decision in reaction to the ECB rate cut is that our arms-length commercial strategy to return to profitability, to attract investors and to return money to shareholders has been agreed between all parties.