Mr. Gary Tobin:

I would just point out that the NPL ratio within the various banks has come down a lot but still remains quite high. The ratio at AIB is below 8%, at Bank of Ireland it is around 6% while at PTSB it is approximately 10%. The concern of the ECB and the SSM would be that the banks need to be ready for the next potential downturn. We cannot go into the next downturn, to which the Secretary General has alluded, with elevated levels of NPLs from the last crisis, a decade ago. That will only exacerbate what we face into the next time.