Michael Creed (Cork North West, Fine Gael) | Oireachtas source

In his opening remarks, Mr. Duffy stated, "Given its credit rating, the cost of funding for AIB is different to the simple average of other banks across Europe." He went on to state that only 3% of AIB's funding is sourced from the ECB. Perhaps he could elaborate on the bank's credit rating when it goes to market to raise funds. AIB is a profitable bank which has restructured and is working through bad loans. Deputy O'Donnell referred to AIB going to market in early 2015 and how the cost of funds had dropped substantially over 2014, and it is likely, according to the bank, to drop further. Is there someone out there who gives the bank a credit rating and how, for example, would that credit rating be impacted, adversely or otherwise, if it were felt that the bank was but a puppet bank to be manipulated by political considerations in terms of the range of issues that impact on individual customers of the bank? I am conscious that I have four other questions and perhaps the witnesses could try to condense the replies as much as possible.