Mr. David Duffy:

I shall address those points in turn. As chief executive, I believe AIB will return the full amount that the State invested. This will take time but we expect to do so. Regarding the sale of a stake in AIB and the timing thereof, we have stated consistently that we must deliver a three-year recovery that ends in 2014. The aim has always been to be able to say by the end of 2014 that AIB is a profitable, well capitalised bank without concerns regarding State funding. We passed the European Commission tests, delivered on the associated targets and are a functioning lender in the economy - all of the elements one expects from a functioning bank. On delivery of our full year's results for 2014 we will be able to say AIB is investable and this is the first and most critical hurdle on entering a sale process.

We engage with investors from an education perspective, rather than a sale perspective, to keep them abreast of the performance of the bank and the economy in concert. We are engaged with the Department in a discussion about two things. First, we must understand the capital structure and how it can be addressed. Second, we must discuss the capital requirement with the European regulator and the domestic regulator. Until these two matters are entirely clear it is impossible to come up with a defined series of actions around them. We expect that during December 2014 there will be further clarity on this capital from the single supervisory mechanism, SSM, and the Central Bank. Once we have clarity we can decide how to treat prefs, CoCos and any issuance in the market. Only when such matters are clear, in terms of the balance sheet, will investors be willing to invest. AIB will not determine the exact timing of an investment as the shareholder unit of the Department of Finance will make that decision to obtain maximum value and inform us of same. Our obligation is to be ready upon receipt of instructions from the shareholder unit to execute the mandate. We will be ready as of the first quarter of 2015.