Mr. Tom Considine:

It is unfortunate that these charge increases must be introduced. Bank of Ireland operates a credit card business, which is competitive. How much the bank should charge for services in the market is a matter for management of the bank. We want to remain in that market and to be successful there. The interest rate in respect of the Clear credit card, which accounts for 4% of all accounts, will increase by 4% to 17.8%. The Classic credit card, which accounts for 12% of accounts, will increase by 2%. Interest rates on the remaining cards will increase by 0.7%. We would like to be in a position not to have to announce increases. However, if the Bank of Ireland is to remain viable, it is necessary to increase charges. We do not like doing this but this is what is required to ensure a viable banking system in Ireland.