Ms Francesca McDonagh:

The bank complies with the letter and the spirit of the tax regulations and laws in the markets within which we operate. The legislation which applies to the carrying forward of tax losses is not industry specific in Ireland. It is also not specific to Ireland. The position is the same in other markets, including the United Kingdom, Germany and Australia. Some will have time limits. For example, there are 20-year limits in the United States and Canada. My focus is on operating within the rules and requirements set by policy makers in the countries in which Bank of Ireland operates.