Mr. Jeremy Masding:

First, it is important that I reinforce what I said at the annual accounts announcement both to the investors and the media. We expect that we will, but, most importantly, should be fined. I just want to align with the Deputy and his description of what happened is something that the bank should be fined for. I would not want him to think in any way, shape or form that we are trying to hide from that. The bank should be fined.

Second, in terms of the scale of that fine, we will engage in a mature conversation with the CBI enforcement division. The fine will be as it should be and we will pay, as it should be. As Ms Timoney said, what we have done so far is our best estimate in terms of what the fine should be. For me, the key point of principle that we should place on the record today is that the bank should be fined.