Mr. Ed Sibley:

Of that institution. A new entrant would have the opportunity to look at the risk profile of the lending it was doing and, if it was at the more advanced or sizeable end, it would have to model that itself based on the profile of the mortgage lending it was doing and on comparative history, because it will not have its own experience, and come up with an appropriate risk weight using the methodologies that are standard across Europe. In making those calculations, it would be looking at the dynamics and functioning of the Irish mortgage market. Given the levels of default that were here historically, recognising that was the past, and given the level of risk within the country, I imagine it would form the view that that risk profile of lending into Ireland today is different from lending into the likes of Germany. Whether the difference would be by the factor that is in the current risk weight calculations is another discussion.