Mr. Jeremy Masding:

We have a very open and constructive relationship with our regulators. Each year, we are obliged to provide a credible but aggressive non-performing loan, NPL, reduction plan. It is well understood that to expect a bank such as ours to go from 10% to the European average in a 12-month period is unreasonable. I would argue that "credible but aggressive" means it taking a 24 to 36 month period to get to the European average. If we can reach it more quickly and find opportunities in that regard, of course, we will so do. However, the key activity took place last year when we needed to break the back of it because, as members are aware, the risk to the balance sheet was significant and, therefore, so was the risk to Ireland. Indeed, our relationship with the regulator was quite tense.