Mr. Paul Stanley:

The level of capital we hold in the bank is excessive. It is much higher than that of the other Irish banks. The level of capital, our core equity tier 1 ratio as it is referred to, is north of 27% at this point. Our internal requirements would see the bank at 14% or 15% so, in effect, we hold double the capital we need. That capital must earn a return or it should go back to the shareholder. It costs us just physically having that capital sitting on our balance sheet because we must invest it in what are termed "high-quality liquid assets", which earn zero to negative returns. There is a rationale in us paying back and getting to a more normalised level of capital within the bank, which will help its overall performance.