Mr. Bernard Byrne:

One of the criteria is the economic criteria, based on populations moving and changing. As usage changes, if a bank is to remain open, it must be an economic proposition. We have tried to change the functionality of each branch to make it more cost effective and so we can operate a branch environment at a lower cost, which makes it more likely the branch will survive in the longer term. The cheaper cost of operation allows us to maintain the service.

Generally, the decision on whether a branch is to close is driven by the economics of how transactions take place. Nowadays, some 95% of all transactions take place away from the branch. We are focused on keeping the branch useful as a service and customer engagement environment. However, some 95% of people's transactions do not happen in the branch.