Mr. David Duffy:

I will ask Mr. O'Connor to cover the questions on debt-for-equity arrangements and early arrears and I will answer the other questions in reverse order for convenience.

On the Mercer report, we have written to the Minister outlining that the solutions we took and put in place are going to meet the 10% reduction target. Those are in addition to and separate from the salary reductions and other reductions we made last year. We believe that, incrementally, we have added a 10% reduction, as requested. The solutions comprise the negotiations around the pension plans, the working hours and the cancellation of all entitlement to increments in the bank.

On the competition issue, I would be happy for Senator Byrne to send the statement to whoever he would like. There has been no such conversation or attempt on any level in regard to competition. The rates are and have been at historic lows, not historic highs. I am willing to stand-----