Mr. Jeremy Masding:

I believe we have to get down to the European average over a period but I would make a couple of points on that. First, Project Glas and the other areas are those accounts which are in long-term arrears. Many people are not engaging. Many are in long-term and large-scale arrears. That is why we moved towards that portfolio.

The second point is that the NPL ratio has a numerator and a denominator. It is also incumbent on us to grow our business in order that we can have some denominator benefit. The Senator asked why it matters. It matters for a number of reasons. First, it matters because our capital ratios are kept high and that flows through to the price of new mortgages so the broader economy pays, if I could be crude. Second, the level of management required to manage the regulator, when one has an NPL ratio of 26%, is significant. I am probably being loose in my English as by "management", I mean-----