Mr. Michael Torpey:

The purpose, or the background, Deputy, to the use of risk transfers was, in relation to the capital management of Ulster Bank Group, Ulster Bank Group was run as a group, capital was maintained in different subsidiaries, depending on where it had arisen in the past, and the choice open to the group in capital management terms will have been to move the capital to where the business was being written or do the risk transfers to where the capital was residing.

So the effect of the 250% cap and the risk transfer structure was to cause certain actions to take place in order to efficiently manage capital. The reality is that had the risk transfers not been possible, the capital would have simply been moved to the ... the other subsidiaries, such ... because the capital was available in the ... in the Ulster Bank Group to meet the appetite. So, the short answer to your question, Deputy, is the risk transfer ... the sectoral limits requirements did not act as a constraint on the level of property lending by Ulster Bank Group because the capital was available in the group.