Mr. Aidan Carrigan:

I will comment at the outset and then ask my Central Bank colleague to comment on the buffer issue.

As I said in my opening statement, we have a particular industry here. We want to see that industry grow in order to see the economy grow. We feel that if it is appropriately regulated - we are in favour of enhanced regulation - then this industry has the potential to grow. Obviously, we have an interest. If we did not have this industry located here, then we would have less interest in it. That is a fact. If it did not affect us, we would not feel a need to protect the potential for that industry to grow. Given the potential of that industry to grow and that opportunity for Ireland and the Irish economy to grow, it is only right that we should be raising concerns if we think the industry will be unnecessarily damaged. We are not saying it should not be regulated. We are saying it should be better regulated, but, as I said, we think the 3% buffer is the wrong solution. We believe the buffer will do damage. Maybe I could ask the Central Bank to clarify the issues with the buffer.