Mr. Jeremy Masding:

In regard to the bank, we have now reached a place where we have to compete in the markets on which we are focused. To compete, one has to invest. I will give an example. In regard to the channels mentioned, we participate in five channels, including via branches, online, mobile, telephony and brokers. We continue to invest in all of those channels. In regard to branches, we believe that these remain an important part of the Irish banking landscape. We have 77 branches, none of which at this point we have any intention of closing. Obviously, demographics and behaviour change over time and, therefore, we have to keep the facts base alive and monitor the situation, but as of today I have no intention of closing any branches. Our branches fit into two categories. Some of them are old and, in many cases, decrepit and in need of investment. At this point, 30 branches have been fully refurbished. I would encourage the Senator or any of her colleagues to visit one of the refurbished branches. I can guarantee they will walk out confident that Permanent TSB is an organisation that is investing in its people and its technology.

The Senator is correct that we need to invest further but we can only spend what we earn and so we need to make some money first. Broadly speaking, we know the channels we are in and we know where we need to invest. The branches in Dundrum and Malahide are just two of the branches recently refurbished. We are big fans of the branch network.