Mr. Paul Stanley:

I will take that question. One of the specific components would be the capital. During a previous response to questioning, I spoke about capital. The other component is funding. Let me clarify a point on funding. We are a subsidiary bank of a parent and as part of our financial disclosures, we do not have the same levels of disclosures as one would see in AIB or Bank of Ireland. AIB would have given a fair bit of detail on its funding rate. We have indicated in the response that, given we are in the same market, our funding levels are not that dissimilar from those that are disclosed by the other banks. Our parent will obviously have a full disclosure similar to the likes of those banks, and that is available in their accounts. That is a matter for their operations but we have to fund ourselves in the Irish market.

When we take those funding costs away from the 4.3% standard rate, taking the standard variable rate as an example, the margin we end up with in the market will be about 300 basis points before we take all our other costs, capital and everything else from those. That is a very similar margin to what we are earning in the North of Ireland in Ulster Bank's own operations. It is a similar margin to what RBS earns in its domestic markets.

The other component elements would be standard operation costs for running the mortgage areas and running the arrears areas as well. We have to attribute a portfolio element of credit losses. We do not make an assumption, despite the difficulties that may exist from a legal perspective, in terms of recovery in the market. We make a run rate or normalised assumption as to what the portfolio would attract by way of credit losses in a normal market. These are probably the main principal components, and while there is a little bit for levies and other items, these are the principal items.