Mr. Ed Sibley:

We are certainly looking very actively at it as a warning indicator. We can see that there are fluctuations in the Irish bank share prices relative to European bank share prices connected with news coming from the UK.

There is an element of Brexit-associated movement there. As the Governor stated, there has been an underperformance in bank share prices across the EU, with concerns regarding the return on equity of European banks related to the cost of equity. This also features in Irish share prices.