Mr. Jeremy Masding:

Absolutely not. I sat here before the Deputy at the last visit. I explained to him in detail the relationship with the ECB in terms of Permanent TSB having one of the highest NPL ratios in Europe. I explained to him that we are under advisement to reduce that ratio to the European average, which is 5%. I explained the composition of our NPLs to him at the time, I explained that our splits were NPLs and I explained that based on the information we had at the moment, we had no other choice but to continue. I sit before him now to explain that between our last appearance and today we received new information which meant that we could look at alternative options. To answer the Deputy's question, I absolutely do not acknowledge that.