Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Overall, the bank is making progress when we look at the usual banking metrics of loan to deposit ratio and funding mix, etc. One concern I still have is whether Bank of Ireland and the other banks are fully facing up to the losses they are carrying on the mortgage book and the SME book. I have examined Bank of Ireland's impairment provisions in its accounts and in the presentation, which are based on certain assumptions and are only valid based on those assumptions.

Mr. Boucher might address that point. How confident is he that the bank's provisions are adequate and that there will not be a need for additional capital in the short or medium term? Will he address the issue of the Government preference shares from 2009? Bank of Ireland is facing a cliff or an issue in March next year, when they either have to be repaid or the bank will have to come up with some other formula. Will Mr. Boucher comment on this and the options which are being explored?