Professor Patrick Honohan:

We are under ... I think we have achieved all of those targets if you regard those as ... I remember that a target ... a very precise target of 122.5%, you can imagine that it came as a compromise between an apparently unobtainable larger number and a smaller number that we wanted. But there's a point on that loan-to-deposit ratio, again in the area of competition which you're interested in, Senator, and that's that we were concerned that the banks would start bidding aggressively for deposits in order to boost the loan-to-deposit ratio and indeed, that happened and we had to get ... make sure that that goal was defined in such a way that it wouldn't cause a deposit price war. It did cause a deposit price war but we managed to negotiate with the troika a revision of that, so that the war ended and still they got the target.