Mr. Jeremy Masding:

I think the Senator is talking about a certain cohort of current accounts. As I explained to the committee in the past, the transformation of Permanent TSB is complex and multidimensional.

In that particular instance we looked at that cohort of current accounts, some of which are ten to 15 years old and have had no increase in the fee structures for a long time. Secondly, we looked at the relative cost of the current account when compared with our peers. While I accept that, on the face of it, the percentage that Senator Conway-Walsh mentioned is substantial, it is only so to bring it up to the market norm. What we are trying to do is to build a profitable business which we can then invest in the continued growth of the Irish economy. We will only do that if we are competitive. I have no intention of putting it out there, versus our competitors. It is a market benchmark number.