Mr. Murray McCarter:

We met with some of the proposers of the tie-up between credit unions and An Post. It is fair to say the proposal was at an early stage but notwithstanding that, some of the ideas in it were good, both in terms of broadening the product offering and an opportunity to provide synergies between both An Post and the credit union sector. Certainly, there was merit in the proposal but it will also require a meeting with the Central Bank on the supervisory and regulatory aspect and also further details. We welcome the proposal. We are always open to further proposals, but in saying that there is an independent regulator to satisfy as well.