Dr. Colin Hunt:

I will hand over to Mr. O'Keeffe in a second because he runs that part of the bank. To give a little colour, the Chairman referred to €31 billion, which came down to €4 billion. Even at €4 billion, notwithstanding that we have made significant progress with our customers, with the vast majority of the reduction being driven by agreed restructuring with our customers, approximately 6.5% of our gross loan book is still defined as being non-performing exposures. The average in the eurozone is about 3%.

We are going to continue to work, preferably with our customers, on reducing this number further, to further strengthen the bank and our balance sheet to best equip us to deal with whatever might be thrown at us in future. If the pandemic has taught us anything it is to expect the unexpected. With regard to Project Iris, I will hand over to Mr. O'Keeffe.