Ms Francesca McDonagh:

The 5% is not a target set by the regulator but is a psychological line to cross to get into a more normalised NPE quantum. It is a number which we want to be close to by the end of 2019 but it does not mean we will stop once it has been achieved. We will continue to try to improve our overall portfolio but it is in order to be capital efficient, rather than just to hit a certain number. A capital density is associated with NPEs and if we have fewer NPEs it will release more capital to lend, to invest, to meet regulatory requirements or to return to the shareholder. Beyond securitisation, we are looking at all options to continue to reduce our NPE.