Mr. Alan Merriman:

Yes, look, I think the ... again, the broader perspective or context here is that we were just about to report our results. It was the first year that EBS was going to be reporting losses. Clearly, it was very evident that the development finance book in particular was causing significant damage. We had an AGM that was coming up in April and there was a very strong view amongst the board that as a mutual it was absolutely appropriate that we should be showing accountability.

The chairman was going to resign and we felt that it wasn't fair, if I can put it that way, that solely a non-executive would bear responsibility. We didn't think it made sense for wider board changes. We thought the chairman going was a clear indication of and acknowledgement of the mistakes that were made. But we also felt that an executive should go as well. This led up to that but this is more of a nuance because this is solely dealing with the board. And Bank of Ireland adopted the same approach. Their executive directors were not put up for re-election to their board but they stayed in their current positions.