Mr. Antoine Mac Donncha:

We opened by outlining that it is anticipated that there will be a further transfer on. It is worth bearing in mind that the core of what is being transferred is the ICS platform. That is something that is of interest, not to an hedge fund which is looking to exact value out of existing assets but to somebody who will be generating business. Such a purchaser will almost inevitably be seeking authorisation. As matters stand, we have no indication whatsoever that there is any likelihood of this. First, it is not necessarily the case that the mortgages would be transferred on. That is something that will be there at the option of the purchaser - whether mortgages and matching deposits are included as part of the transaction. Even if they are, it is unlikely that any purchaser would not be a regulated financial service provider because it will want to maximise the value of the ICS platform.