Mr. Michael Torpey:

I have no doubt that if the business is growing rapidly one has to be extra-careful and I would fully accept that contention. I would distinguish, Deputy, between the position of a small challenger seeking to grow market share within a market and overall growth in a marketplace. Ulster Bank was coming from a position of being very much smaller than the dominant banks in the Irish marketplace. It is entirely acceptable from a business perspective, in my view, that a small challenger can seek to grow significantly more rapidly than the general marketplace and significantly more rapidly than a competitor's, in the interest of bringing competition to the marketplace and growing its position relative to the incumbents.