Dr. Colin Hunt:

We have very clear direction from the regulator, namely, the ECB, on the future trajectory of non-performing loans. The ECB has signalled across the European Union that in the event that non-performing exposures are not reduced, it would be effectively putting a punitive capital weighting on those exposures. It is very clear to us that the prudential regulator wants to ensure that we can get our balance sheets into the best possible shape as quickly as possible.