Mr. Brendan McDonagh:

Since IBRC went into liquidation, we have had to replace it and move that operation and hand our existing IBRC portfolio to Capita. Effectively, it is just a substitution of a service provider. While the banks are helping us to manage books, we would continue to pay them a fee. Under European Commission approval, the fee is capped at costs recovery or a maximum of ten basis points. Our fees for last year and this year are less than that at eight basis points.