Mr. Brian Hayes:

In regard to the figures the Deputy used, the figures we have for the net interest margin are from March. The EU average was 1.48%; we were at 1.81%. A lot of that goes back to what I said earlier in reply to Deputy O'Callaghan, about the way in which income is drilled from the Irish banks in terms of the fact that 80% of their income comes from interest rate income. In other parts of the eurozone, it is much more dependent on fees. However, this is one year. It is fair to say that, notwithstanding where we are in the cycle right now and the time it is going to take, we are certainly arriving at a new position in respect of the interest rates that will apply into the future.

There is a cost issue here as well. There is the cost of regulation, capital and labour, there are new costs that were not there ten years for anti-money laundering, AML and all of those factors. There is a significant cost that has-----