Mr. Jeremy Masding:

The question gets to the heart of the equity story that we have shared with investors in the past six months. At its heart, the story says that we believe it is important for Ireland that there is a challenger retail bank in the country that is alive, vibrant and that brings compelling propositions to customers. If asked to summarise where I want the bank to go, the answer is encapsulated in that statement.

What do we have to do to get there? In the non-core businesses we have made considerable progress in deleveraging at an economic rate that is good for the taxpayer. We will continue to do that because we have to get back to being a retail bank. Through a financial lens, as I have said repeatedly this afternoon, we need to get our input costs right in the retail bank in order that on the lending side of the balance sheet, we can keep Bank of Ireland and AIB honest by offering compelling propositions.

In terms of other areas, we will continue to invest in digital technology. We have right-sized our branch network. I am privileged to have a wonderful set of people who work for me and who are extraordinarily committed to Permanent TSB. By 2018 this will be a vibrant, focused Irish domestic retail bank doing really good things for customers. That is the story.