Mr. Bernard Byrne:

The work that has taken place in the bank up to now in terms of restructuring and repositioning has got us to a position where we are comfortable that we have a sustainable business model and a sustainable level of performance, which is ready from an investment point of view. One of the key features that matter from an IPO point of view is the investor appetite for the marketplace. Ireland is an attractive market relative to other jurisdictions. It still has a higher growth rate, a younger demographic and is seen as an attractive location from a European point of view. That is positive. Another feature is the strength of our banking franchise. Approximately 40% of the marketplace is seen as attractive as a growth opportunity and that is given we have a disproportionate share of younger customers. The fact we have restructured the bank and are delivering profitability is seen as attractive and is still giving an opportunity for growth going forward. The next phase of any development is to make sure people are comfortable with the capital. At this stage people are comfortable with the capital and can see how the bank is generating a return on that capital. The final element, which is a very important one, is the market dynamic, which is influenced by a whole series of things. It is influenced by an interest rate environment which is low at the moment. It is influenced by a view on Europe, Brexit, the US elections and the sort of things which introduce volatility. It is also influenced by a view on the regulatory regime and its likely impacts. They are all decisions that investors make independent of us. We have nothing to do with that. Our job is to position the franchise so it is attractive and growing. Across pretty much all of those segments we are growing our market share and delivering a higher level of performance than peers, which means the answer to the Senator's question is "Yes".