Mr. John Moran:

The position of public interest directors is somewhat difficult to define. In many ways, they are directors on the board and, therefore, have the same obligations as other directors. It is not as easy to distinguish them as one might think although they are appointed by the Minister. They were, in effect, a creation of a set of circumstances that obtained before we owned all of certain banks. In some respects, subsequent to the Department becoming the majority or almost 100% shareholder in Allied Irish Banks, we now, in effect, have the appointment power in respect of all the directors of Allied Irish Banks. Therefore, the distinction between public interest directors and the others is less relevant than it would otherwise be. In the case of Bank of Ireland, where we have only 15% of the shares, the power to appoint public interest directors is itself more relevant. In that scenario, as 15% shareholder, we could find that at an annual general meeting, irrespective of our beliefs on the appointment of directors, we are outvoted by 85% of the shareholders.