Mr. Adrian Varley:

To be clear, the SSM's supervisory expectations to which the Senator referred were a core part of that, with Ms Sharon Donnerry, Deputy Governor of the Central Bank chairing the NPL task force. As the Senator correctly stated, our view remains that the banks need effective strategies with a range of solutions and a big focus on restructuring and borrowers and banks engaging to come up with sustainable solutions. That has been happening for the past five years in Ireland and we have been acting, through the SSM, on making that apply across the whole of Europe, while also adopting best practice from other countries. We have been driving that but from the Central Bank's point of view, it is early days for the Commission's proposal in the context of longer-term measures. As I understand it, there has only been one meeting on same. They are different strategies. One has five years behind it while the other has only just started.