Mr. Patrick Casey:

We obviously do not have any globally systemic banks in Ireland. Rather than asking the institutions to meet their gone concern capital requirements through regulatory capital, as in equity type capital instruments, which are more expensive to fund, the concept through TLAC is that an institution can meet a gone concern element through a debt instrument that is available for loss absorbency at the point of failure but, in advance of failure, it can fund its balance sheet with a mix of capital and debt instruments and, in that way, it would be more efficient from a cost capital perspective.