Mr. Bernard Byrne:

In macro terms, in the banking market that is Ireland, a bank will always end up with people with a heavy concentration associated with residential. That will be a feature of the market place. If one has very large investment banks that take different positions in different exposures, one might end up as an industry with a different type of position but when one gets down to simplified banking structures a large part of the portfolio will be property related because that is where people make investment decisions.

Our model, however, has a certain benefit. There is one other player in the market who would have a similar characteristic, that we have a range of different offerings from a business-corporate perspective as well as different types of personal lending. While we will have a more balanced position than the one Deputy Doherty described, we will still have a heavy concentration associated with residential and property related loans taken out during the boom and thus the bust. We ended up with too much exposure to other types of property related exposure even outside residential mortgages. Our own risk limits prevent us from getting back into those sorts of positions. One of our objectives is to ensure we grow a more diversified portfolio in terms of that position. However, residential mortgages will be a large feature of the Irish markets as they will be a large feature of any market that has a simplified non-investment bank type structure. One does not get the other portfolios of investments through that model.