Mr. Richie Boucher:

We have not done it and as a public company, and particularly because we are quoted on the London Stock Exchange as well as the Dublin exchange, there are rules, which are roughly the same. Up to recently we were on the New York Stock Exchange. There are very strict requirements around connected parties. We must disclose any transaction of anybody who is a material shareholder. The materiality definition is someone who owns probably more than 5% of the company. If we do a transaction and there is any indication that it might not be a commercial transaction, it must be disclosed to all the shareholders.

I have an example, although it is not related to what the Deputy outlined. The Deputy might remember, for example, that our shareholders had to vote to allow us do the promissory note transaction with the State for the IBRC notes in 2013. That was because we must have transparency among all shareholders if we are doing what could potentially be perceived as a non-commercial transaction with a connected party, or somebody who has a shareholding in the banks. The rules are very strict and the board has a very high requirement in that regard.