Mr. Jeremy Masding:

I will take each of the comments in turn. I apologise if I have missed anything, and if the Deputy reminds me, I will answer any other questions. The return to viability of Permanent TSB is a combination of many different complex factors. I suggest that they include but are not limited to arrears management work and, sadly, the cost restructuring we have had to do, including lay-offs and branch closures. There was also some pension decisions that we have had to make. To narrow it to a particular factor would be not quite right. There is a multitude of different factors that have enabled us to create a restructuring plan that has been approved.

With respect to the standard variable rate, I can only repeat what I said in my opening comments. The rate takes account of a number of costs that the bank has to recoup, and cost of funds is only one of those. There is also cost of risk, cost to serve or operating cost and the cost of capital that we must meet. I give the committee my assurance that we are working to reduce those costs, and as those costs decrease, the bank will aim to share the benefit with customers. Unfortunately, we are not in a position to do this yet.