Ms Francesca McDonagh:

I cannot opine on the capital requirements of potential competitors planning to enter the market with mortgage offerings. They certainly will represent increased competition. Their product offering may be one of pricing or of risk. There is much competition in the market today and new entrants will increase that competition. We feel confident about our ability to compete and to continue to compete in the Irish market. The changes we have made, such as reducing our shorter mortgage pricing and improvements in our services and our processes, are part of our differentiation. We are confident in an increasingly competitive market.