Mr. Richie Boucher:

The last reduction would have been in 2008 or 2009. There has been no significant interest rate cycle in that period. The group's net interest margin has improved in the 12 month period from 1.65% to 2.08%. That is progress but is certainly not an exorbitant margin. We have to get 98% of our credit decisions right before we can make any money or cover our costs at that particular margin. As I was trying to identify in my answer to the Chairman's question, the structure and liquidity risk one takes against mortgages are important. We are providing a mortgage which has a significant liquidity risk. We have a repricing opportunity but we are giving a 25-year commitment of money to the customer. We cannot raise that money so it is not necessarily comparable to look at our overall cost of funds. For example, if we issue a covered bond or unsecured debt in the markets, we are issuing it at about 2% to 3%. The Irish Government in raising 15-year money in the market at 250 basis points. One has to take account of the nature of the product one provides, the liquidity risks, the historic credit losses one has taken and the capital one applies. There are a range of factors in that. We have to enhance our margin but we try to ensure our products are competitive on an ongoing basis. We are a commercial business, we operate in a competitive market and we must ensure our products are sustainably competitive, that we can continue in the market, attract customers and do business.