Mr. John Moran:

We certainly see a light and it is reflected in our decision to take off the guarantee this quarter. To us that was the big statement. The underlying liability has considerably reduced, from memory it was over €250 billion and was down to about €75 billion by the end of last year. We are now in a situation, and we have been for some time, that we felt that this was the quarter in which we could release the State from the contingent liability. While monitoring the deposit flows of the banks we have not seen any negative impact in respect of that. We feel that is recognition that the public are looking at the banks in terms of their strength rather than necessarily the banks needing to be supported for deposits. We must bear in mind that there is already a deposit guarantee system in place of up to €100,000. Therefore, our next focus in terms of continuing to break the link between the two will be to try to reduce, as we started earlier this year, the investment that the State has in the banks. We have started with the instruments that are the easiest in many ways, the contingent capital instruments. We will work from that to the preference shares and ultimately to the equity of the banks.