Mr. Eamonn Crowley:

As Mr. O'Grady and Dr. Hunt mentioned, interest rates are an enormous driver in bank profitability. We have been through many years of flat or, indeed, negative rates, which have a drag on profitability. I would suggest that our profits are modest but they are profits, coming after a number of years of losses. There are three key drivers. One is the Ulster Bank acquisition. That represented a 40% increase in our mortgage book and was a significant driver. The interest rate environment means an element of our book has been priced up. Naturally, tracker mortgages have increased their returns after many years of low returns. They now represent 16% of our mortgage book. That is offset by the continued investment we are making in the business. I would suggest that our profits are modest, with respect.