Mr. Liam McLoughlin:

The cost of funds is 50 basis points. I do not have a basis points cost for the cost of operations. We run a blended business here, end to end, for running our branch services. I do not have a specific cost for the cost of mortgages. In terms of the cost of capital, in Ireland we are required to hold higher levels of capital against our mortgages than we are in other jurisdictions, so the cost for the capital intensity requirement is about 31%. In the UK business, where we have a similar sized mortgage book, it is about 20%. In Scandinavia and other countries it is single digit or low teens. The capital requirement across Europe is very different. The cost of credit, given the arrears profile in Ireland over the last couple of years, is also higher than in other jurisdictions.