Mr. Fergus Murphy:

Chairman, I think that is a very good point and I think that, again, taking a step back, banks got way ahead of themselves. They became extremely arrogant as a global sector and there's been, again, many lessons learned and many things have gone wrong, locally and internationally - fines of billions of euros being paid by banks around the world for misconduct of various types. They do say - it's a little trite - you know, that culture eats strategy for breakfast. I think it's true though, and if you build the bank around the right behaviours, which takes time, if you inculcate those behaviours steadily and consistently in the organisation, if the leadership of the organisation, starting at the board, are role models and are looking to do the right thing, if they call out good behaviours and they call out bad behaviours consistently - and that is the central mission for the board and for the management - I do believe we can continue to bring financial services, globally and locally, back into a more respectable space. It's going to take multiple years and efforts and attempts, but that's the mission that we are all on now. So, in that context, setting the required standards, having a meritocratic environment where people are performance managed in a fair but tough way; ensuring that conduct risk is at the very centre of the discussions again that take place around the top table. Again, it's easier to have those discussions when you've an independent CRO reporting both in to the board and in to the chief executive, conduct risk being the ... ensuring that the bank is doing the right thing by the customer; that they're making every effort to sell them the right kind of product at the right time; that the customer's eligible for that product; and that the customer can afford that product etc., etc.

That concept of conduct risk wasn't there ten years ago. It's a new phenomenon and if we build our bank based on conduct risk and based on having those transparent behaviours, we can bring it back to a good space. There are some countries in the world, like Canada, which we mentioned earlier on, like Australia, like Singapore, where I lived and worked for a number of years, where banking has a better reputation. I'm not saying that it has the very best reputation but a much better reputation than it has here, for example, in Ireland, and understandably after what has happened in Ireland, but I do believe, and I am confident, that with the right culture and the development of that culture, we can bring banking back to be a sustainable, responsible part of the economy, where people who work in banks - decent people, I mean, you know, there are a lot of ... thousands of decent people who work in banks - aren't embarrassed to get into the back of a taxi and say, when the taxi driver asks them, "Where do you work?" they're afraid that ... they don't want to say they work in a bank. We've got to get over that. And culture-----