Mr. Des Carville:

Absolutely. It is a very good question. When we make an IPO for the bank, what is important is one must assess our performance when the last share is sold, so the assessment ranges over a period. We own 99.9% of the bank, so one has to assess when the final share is sold, not as we sell, because in capital market terms what we want to do is sell into a rising market. Therefore, every time we sell shares, in an ideal world - it will not work out like this in practice because it will take many years - we will continually sell at a higher price. There are plenty of examples of this not working and examples of it working really well. I am glad to say AIB is one example of it having worked really well. The morning the shares opened on the London and Irish stock markets the share price went up 4.6%. When the markets closed that day the share price was up 5.8% or 5.6%. I think it was 5.8%. A day later it was up 8%, I think, and it stayed at that level for quite some time. Markets since then-----