Mr. Ian Black:

We very much regret the phased departure of Ulster Bank from Ireland. That would be my opening comment. In terms of competition, it is not helpful. In regard to our dealings with Ulster Bank, the bank has confirmed that it continues to offer the full range of services to SMEs, including SBCI and Government-backed schemes.

There will be no change for the time being. As reported in the media, we are aware of Ulster Bank's discussions and the memorandum of understanding, MOU, signed with AIB, and discussions with Permanent TSB in terms of its commercial and micro-SME loan books. Ulster Bank will require the consent of the SBCI in advance of any transfer of any and all SBCI-supported products or assets. I note that Ulster Bank has capacity under the Covid-19 capital loan and credit guarantee schemes and this will be made available to SME's. It will be there in the short term and will continue to provide those services to SMEs, including those in the food sector. Obviously, the situation will become clearer over the next period in terms of its discussions with AIB and Permanent TSB.