Mr. Antoine Mac Donncha:

To clarify my previous answer, the Commission is unlikely to approve a transfer to an unregulated financial service provider because it would not offer the competition it seeks for the sector. I cannot say that is certain, however. The legislation enables the transfer of assets from ICS to Bank of Ireland, or any bank that is a regulated financial services provider subject to the code of conduct and other protections. It is anticipated that there will be an onward sale. It is not clear at this stage who will ultimately acquire the assets but there is no indication as matters stand that they will be sold in a subsequent sale to somebody who is not a regulated financial service provider.