Dr. Colin Hunt:

Competition comes in multiple forms. I said that earlier. In every single product area, there is non-bank competition. There are international card providers. There are non-bank lenders in the mortgage market. We also see it in corporate banking. In every single product area, there are multiple competitors. The difference is that they are not a one-stop shop. I had a number of driving motivations when I became CEO of the bank. I wanted to deal with the legacy issues including the legacy matters but I also wanted to make AIB a full-service institution so that we could meet all of our customers' financial needs. That was my campaign slogan and that is what we have been doing in recent years. We have been making sure the bank is strong, robust and capable of operating right the way through the cycle and in a way that allows us to fulfil the needs of our customers regarding all of their products. That is where my focus has been. With regard to the 0.5% increase the European Central Bank decided upon, our reaction was not to change our interest rates on the lending side but we did change them on the deposit side, where we got rid of negative interest rates. We have not concluded on the most recent interest rate move, but I am very conscious of what is going on externally. I am not going to indicate where we are going to end up in that regard but it is something we will be considering over the coming weeks. I am very conscious of the external environment.