Mr. John Moran:

We are certainly on the confident side in respect of the stress test numbers. It was certainly a far greater uncertainty for us earlier in the year because until such time as we know the parameters it is very difficult to know what the stress tests will be. In some respects the parameters of the stress tests, which involve looking forwards as opposed to looking at the current books of the banks, were going to be a decision of those in the European regulator about whether they believed the banks should operate with a particular level of capital or more, all of which represents an investment in the banks. However, it is a different leverage for the balance sheet. The point where they put that level would have been a result of where they set the parameters of the stress tests. We believe that with the current levels of capitalisation in the banks and where they have put it, at least in the first instance, it seems as if we are in a good position with respect to going into those tests.

Banks are slightly different. They have different parameters, so we will need to examine each individually, but we do not expect to see a significant shock of the magnitude experienced previously.