Mr. Eamonn Crowley:

Yes, it is a bundle from that perspective. Naturally, there are over 6,000 customer relationships there which have different perspectives regarding the level of bullet repayment, the interest rate attaching and whether they are on variable rates or tracker rates. There is a very mixed bag within that but there are two types of arrangements. The reference to the warehouse is not attainable. The key thing is that the nominal value is €1.3 billion and the price paid was in the region of €900 million. As to Permanent TSB's ongoing involvement, the transaction closed on Thursday and within six months the full servicing of the portfolio will switch to Pepper. In the first six months, Permanent TSB will continue to deal with customer calls and interactions. We will do that as a sub-servicer, which means that Pepper is the master servicer. We will sub-service for the first six months and legal title to the mortgages will actually transfer at that period also. Our interaction with the customer regarding these mortgage exposures will cease at that moment and Pepper will become the prime and absolute party for communication for the customer. We have other relationships with these customers in that they have current accounts and things of that nature with other products. That relationship will continue but interaction regarding these mortgages will cease.

The second part of that question relates to our interest in the portfolio. We retain a 5% interest in the securitisation vehicle and that interest is across the different notes. It is what is called a "vertical slice" or "V note". This is a legal requirement which was implemented post-crisis whereby the originator of a portfolio must retain some interest in it. We are following regulations in that regard. We will continue to hold 5% of the portfolio. They are the two key parts of that.