Mr. Jim O'Keeffe:

The ECB in its guidance notes sets out very clearly what the plan must include. There is a lot more to the plan regarding having an appropriate structure, etc., in place and the various elements of that. As part of that, the requirement is that the plan is ambitious. Obviously through various discussions and engagements, as we put our plan together we got an understanding of what an ambitious plan might entail. Once the plan was submitted the regulator opines as to whether the plan is ambitious enough and the likelihood of it taking place. We submitted that plan and the regulator confirmed that it met its ambition requirement to achieve normalised NPL levels.