Mr. David Duffy:

I will begin by speaking about the second matter raised by the Deputy. I went through it earlier for the rest of his colleagues. The letters were sent to the senior executives in the bank. Every one of them responded. One person responded publicly. The other individuals engaged on the basis that whatever they chose to do would be treated confidentially. As I said to Deputy Donnelly, I cannot disclose anything further in this regard for that reason. The process did happen. There was a positive set of interactions subsequently.

The Deputy also referred to Fitch and Standard & Poor's. We have to be very careful about what we mean in this context. Do we need more capital right now? Will we need more capital in three years' time or after Basel III? What does it mean? If we need more capital, how will we get it? It depends on the timing. Where we are is very clear. We see ourselves as the best capitalised bank in terms of the major players in this country. We have a very heavy load of provisions. We hope they will help us to work through all of the arrears and other structural issues in terms of negative influences on capital. We have a plan to return to profitability. On that basis, we have modelled out to Basel III. We think we have a reasonable amount of capital today. We hope we have sufficient capital for Basel III in 2018. It will not be within our control. If the regulators or the Europeans under European supervision set different criteria or incremental capital hurdles, we may not have sufficient capital. Based on what we know today and the actions we are taking today, we think we are well capitalised.