Mr. John O'Connell:

We have had a series of meetings with the CEO of Ulster Bank, Ms Jane Howard. We have also corresponded with the chairman of the board on a number of occasions when trying to ascertain, very basically, what the terms of reference and the timeframes for the review are to give people some sort of indication as to what is planned. In Ms Howard's case, we have had a number of very cordial meetings with her but elicited very little information, other than her confirming whatever the previous press leak was. The first time we met her, she indicated that it was pure speculation and the subsequent time we met her she confirmed what had happened the first time. We anticipate that at our next meeting she will confirm the Goldman Sachs story, which is the latest up-to-date story. The information has always been behind the curve and we have gotten it on foot of media stories. It is not credible that there are no terms of reference for the review and it is not credible that there is not a timeline for the review. The NatWest parent company is beholden to the stock exchange and shareholders and to have an open-ended review on something of such primary importance is not a credible position as far as we are concerned.