Ms Jane Howard:

I will ask Ms McMahon to comment on our IT in a minute. On the specific transaction with Permanent TSB, both parties have worked together to construct the transaction, including migration of the mortgages, the Lombard Ireland business and the micro SME loans so that it is within the risk appetite of both businesses, including the operational risk in technology. That is one of the reasons the deal has been constructed in the way it has. Lombard Ireland is an entire business on a distinct platform.

On mortgages, most of the banks have a past record on mortgage portfolios. As would be expected, due diligence takes place and that is what has been happening between the MOU and the binding agreement. Further and detailed minutiae planning will happen post a binding agreement. It is not unreasonable to say that both parties would not sign a binding agreement unless they had a level of confidence about the entirety of the transaction, including the transfer of the assets. I ask Ms McMahon to talk about the technology in terms of the regulations we have had to adhere to.