Mr. Fergus Murphy:

And so, the point I'm making is that it is possible still for mutuals to survive and for that corporate governance and legal form to thrive. In Europe, the first cousin of mutuality would be the co-operative banks and if I take my old alma mater, Rabobank, it's, I would say, thriving around the world and particularly thriving in the Netherlands. It's just, unfortunately, that our mutuals took wrong decisions. Clearly, if you can run a mutual in the UK, you can run one in Ireland in terms of the proximity, culturally, Anglo-Saxon economies, etc., etc.