Mr. Richard Burrows:

What it meant was that by ... by virtue of the slower rate of growth which Bank of Ireland was experiencing and reporting compared to other banks, our price earnings ratio was at a lower level than the other banks. And that meant that our firepower in terms of ... of being able to make realistic approaches to any overseas bank that might have been attractive to us from an acquisition point of view, just wasn't there. And so, therefore, we had to rely on ... on organic growth. In other words, growing the business which we were already in.