Mr. Gerry Duddy:

The Savings Bank Foundation for International Cooperation, whose representatives have appeared before the finance committee, has the expertise. It is available in Europe and it has done this type of work all over Europe. It is not a big deal. It is a not-for-profit foundation so it does the work at cost. In addition, Professor Werner is involved in setting up a bank in Southampton so he has expertise in that area as well.

With regard to the cost of setting up Postbank Ireland in 2007, I did a quick search last night because I thought it might be made a big issue today. The total cost was €76 million. Fortis paid €56 million and the rest was paid by An Post in different forms. It paid €10 million in business assets and the rest in cash or credit. It also paid €13.8 million in a finders fee, but this is probably a buy-in to the system. That was the cost.

On the issue of the destruction of rural communities and rural post offices, the French Government is using La Poste and its banking sector to merge with a large insurance company to set up a new banking entity in France. This will be the equivalent of a third pillar of banking in France. It is currently being presented by the government.