Dr. Colin Hunt:

I have been determined to conclude on all historical matters in the bank and to do it expeditiously. The pace at which we have done it might not be to everybody's satisfaction but we have got to get to the right conclusion.

In relation to EBS tied agents, I was very enthusiastic about the appointment of a mediator because we had been in ongoing dialogue on this topic without drawing it to a conclusion. We agreed to the appointment of a mediator. We strongly supported that. The mediator came back with proposals, as I understand it, a number of weeks ago. We have accepted those proposals and those proposals have now been put to the tied agents. I hope that we are at the end of that particular issue.

In relation to Belfry, this relates to investments that the group offered between 2002 and 2006 in a series of funds where investments were made in leveraged UK regional commercial property. There were six funds in total. The first fund made a return to the investors of 250% and the subsequent funds were very heavily loss-making because of the collapse in the commercial property sector and because of the global financial crisis. We conducted a complete review of those investments and for 1,644 of the 2,500 investors, we now have paid compensation, driven by the unsuitability of the product for certain investors and by process errors on our part. Our approach in dealing with this has been to lean very heavily towards the consumer interest rather than towards the bank's interest.