Mr. Fergus Murphy:

Haven Mortgages was incorporated, if I recall, in either November of December 2007, just before I started, and Haven Mortgages was a subsidiary of EBS and that subsidiary ... the objective of that subsidiary was to do all of the intermediary, or broker business, for the organisation. The broker market in Ireland was growing, it was becoming a larger part of the total market, it was an important channel for the Irish banks and building societies. In the UK, for example, which we often follow in these trends, over 50% of the mortgage market was being originated from brokers. In EBS, they hadn't been involved in the broker marketplace because they wanted to work directly with members, customers who become members on putting a deposit in place with the organisation. Because they were losing market share, they decided they had to get into the broker market in a more aggressive way, and through a different brand and through a different subsidiary, they felt they could do that, and at the same time, protect the underlying member business in the EBS society itself.