Mr. Paul Stanley:

The principal issue here aside, from the difference between euro and sterling rates, which is the real issue, is the capital that is required against loans in the Republic of Ireland versus the UK, because of the difficulties and the mistakes of the past. It is a lot more than is required in the UK, not just for us but for the other Irish banks as well. That is the principal differential between the two. We require capital and capital requires a return and there is substantially more capital required on a mortgage loan here in the Republic of Ireland than for an RBS or Ulster Bank loan in the North of Ireland.