Mr. Jeremy Masding:

No. That would be a little unfair on the Central Bank. I will make two points. First, we are a regulated entity and, therefore, we have to go by the rules of the Central Bank. There is a second point, however. Let us hypothesise for a second and say there is no regulation of the banks. The board of Permanent TSB, including its chief executive, would still be trying to reduce the ratio of NPLs because, as I said in my opening remarks, a high NPL ratio is wholly unsatisfactory for Permanent TSB in the long term. Yes, there are some rules, but I do not want to get into a place where I hide behind the Central Bank. Irrespective of the Central Bank, I would still be driving the organisation to manage down the NPL ratio.