Mr. Jeremy Masding:

Yesterday afternoon my office submitted a copy of my proposed opening remarks to the meeting with the intention that I would read them into the record this morning. Upon reflection overnight, those remarks echo the approach of the other banks' CEOs who have appeared before the committee this week in so far as I hope they give the committee a broad and compelling account of how the bank is performing and the progress it is making. I have been keeping in touch with the committee's proceedings this week so if you are agreeable, Chairman, it might be a better use of the committee's time to take those rather long-winded remarks as read and to increase the time available to you and your colleagues to ask questions of me and my team this morning.

I am joined by Mr. Shane O'Sullivan, who leads the asset management unit, Mr. Ger Mitchell, who leads the mortgage and consumer finance product business, and Mr. Stephen Groarke, who is head of financial reporting. I will circulate three simple slides which I hope will provide a useful level of clarity about the key issue the Chairman mentioned this morning, which is how the banks have responded by the end of quarter 2 to the request of the Central Bank to put in place sustainable and affordable treatments for at least 20% of the mortgage cases which were in arrears at the end of quarter 1 this year. Chairman, do I have your permission to circulate the slides which I hope will give the committee the confidence that Permanent TSB is on top of the issue?