Mr. Stephen Mason:

A consistent application of our policies has meant we continue to make very significant progress in the management of mortgage arrears. Full details are in the presentation but I will make some brief comments. Starting with slide 25, we note that nine out of ten of our owner-occupier mortgage customers are fully up to date with their mortgage payments. Nine out of ten of our owner-occupier customers who were in financial difficulty were offered a sustainable solution and nine out of ten of those customers are meeting the terms of their new arrangement. All of our activities in our approach to mortgage arrears recognise the fundamental importance of the family home. By the end of February this year, the number of owner-occupier accounts in arrears had dropped by 33% from peak levels seen in May 2013. At the end of December 2014, 5.5% of our owner-occupier accounts were in arrears of greater than 90 days. That is materially better than the industry average, excluding Bank of Ireland, where the figure was 11.6%. Slide 25 of the presentation shows that we provided 32% of new owner-occupier mortgage lending in Ireland in 2014. We hold 19% of the national stock of owner-occupier mortgages.

We have some 10% of the national stock of owner-occupier mortgages in arrears, some 9% of the national stock of these mortgages greater than two years in arrears, and we have issued just 6% of the civil bills issued nationally in 2014.

We have included an analysis of the repayment patterns of owner-occupier customers greater than two years in arrears, which shows, regrettably, that half of these customers paid nothing towards their mortgage in 2014. This analysis also shows that the expected monthly payment for these customers averaged €890 a month, less than the average monthly rental cost in Ireland of €950. Further analysis in the presentation shows that uniquely in the market, our owner-occupier mortgage balances greater than two years in arrears fell in quarter four 2014, whereas they rose at industry level. The difference here is quite significant. Some 3.6% of our book is greater than two years in arrears, whereas at industry level, excluding Bank of Ireland, the figure is 8.8%.

On slide 49, we show we have concluded significantly more of our owner-occupier solutions under the mortgage arrears resolution targets, MART, process than the rest of the industry. We have reached a conclusion with 83% of cases, whereas the industry, excluding Bank of Ireland, achieved a conclusion with 61%. Again, the loss of ownership, as part of these concluded solutions, is significantly lower in Bank of Ireland. We also provide significant detail in our pack in regard to personal insolvency, where we show we have voted in favour of 84% of the arrangements that have been proposed to us, higher than the overall Insolvency Service of Ireland, ISI, approval rate of 76%. We fully engage with the ISI, as can be seen from the fact we have a participation rate of 36% or 363 protection certificates issued to the end of March 2015. We provide details of the 18 cases where we were a secured creditor and the client proposed arrangement on slides 37 and 38.

I will now hand back to Mr. Boucher.