Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I welcome Ms Howard on what is her first appearance before the committee as chief executive. I wish her well and every success, although I know she is well settled into her role at this stage. I welcome her colleagues, Mr. Paul Stanley and Mr. Ciarán Coyle, and I thank the witnesses for the comprehensive responses to the questionnaire we received in advance of the meeting. I also thank Ms Howard for her opening statement.

I will start with the matter of NPLs and the work that must be done to reduce non-performing loan ratios. The opening statement indicates the current NPLs level is just over 10% and it is acknowledged in the replies in section 4 of the questionnaire that the regulators expect banks to reduce the level of NPLs towards the European average and have set out capital requirements that must be adhered to in respect of those loans. Will Ms Howard outline her understanding as chief executive of where it must go in terms of the NPLs ratio, when it needs to do this and how it intends to get there?