Mr. Jeremy Masding:

I will give the first answer and then I will ask Mr. O'Sullivan to continue. In my opening remarks I described Project Glas as the "least worst" alternative. The least compassion the bank could show would be to repossess the properties. As an industry, we collectively have done everything we can to avoid that.

The buyers of the loans have been clear that they will continue to honour the long-term treatments as provided by Permanent TSB.