Mr. Ed Sibley:

How I can answer that is somewhat limited. If we look across the European system, historically - and this is partly driven by our experience in the crisis - the level of capital that we require banks in Ireland to hold would probably be slightly higher than is the case in other jurisdictions. There has been a degree of normalisation of that through the consistency and level playing field that is trying to be driven through banking union. In-built in the capital requirements, as of last year and into this year, was the outcome of the 2016 European banking authority stress test. As referred to by the Governor, that was a severe stress test, particularly for the Irish banks, because it brought in comparisons with historical loss levels that had been incurred by banks in the recent past. Where banks were operating in systems whereby they had high loss levels, which was evidently the case in Ireland, the stress test outcome was more negative than that in those jurisdictions which did not have a history of credit losses. That would also have influenced the capital levels which would have been set coming out of the EBA stress test in 2016 and, broadly speaking, what we expect to see in terms of capital levels and capital requirements this year is for them to be consistent with those that were set in 2016. There are perhaps different drivers underneath that, but overall we expect capital levels to be broadly the same.