Mr. Jeremy Masding:

The Deputy should be in absolutely no doubt that the bank is like other European banks. The Single Supervisory Mechanism wants us to reduce the non-performing loan ratio. There should be no doubt about that. We have to contribute to the stability of the Irish banking system. This is not just about Permanent TSB. We need to ensure we can withstand future economic shocks. The regulator has said we need to have detailed and credible plans. As I said at my previous appearance before this committee, there has been no specific instruction on how we should do this. There is a very clear view that we need to have realistic and ambitious plans. I have spoken previously about how such a plan can be delivered. I hope I have explained to the committee this afternoon that my first duty is to the taxpayer. We have delivered a plan in a way that minimises any capital destruction. Obviously, this has other elements. It is not just about having a hard financial governing objective. There are also supplementary tests. One of those tests involves acting in a way that achieves the right customer outcomes. In the particular case of customers who have treated non-performing loans, the view of the board and the banks was that this was the least worst alternative.