Mr. Bernard Byrne:

We have identified a whole series of issues. Let us remember that we have had to fix the bank. During the period that we are talking about the bank lost €19 billion operationally and an extra €9 billion of losses was associated with the transfer of assets to NAMA. That is the size and scale of what happened operationally. Over the period we have taken €450 million of operating cost out and grown the income side by €800 million, so €1.3 billion has been dealt with in respect of that. A lot of things have happened and changed across the organisation, including building much more resilient and much more reliable systems.

The conduct agenda and the prudential regulation agenda have moved on hugely. Therefore, the amount of supervision and intervention in the organisation is radically different. We are moving in a direction. We have not in any way achieved what we want in terms of the final position but I think we are on a journey to get to a better place.