Mr. Ken Burke:

The Senator spoke specifically to the retail sector. One of the things we have been working particularly on over the past two years is developing our own competence and capability in specific sectors. When we speak to some SMEs, they say, "One size does not fit all; my size needs to fit me." We have been investing heavily in all sectors in developing our own competence. We have always had strong competence in traditional sectors, particularly on the agricultural side. We doubled the number of agricultural advisors we have on the ground this week and launched a €500 million fund acknowledging the growth needs of the agriculture sector in the run up to the removal of milk quotas.

On the retail side, we took on the former managing director of ADM Londis to advise us internally as to how best we can react to the needs of retailers. We have done specific research. During 2013 and into 2014, we launched six specific sectoral outlook reports where we commissioned independent research on the dynamics and needs of the sector. We partner with the key players in the sectors. For instance, RGDATA was a key partner in the production of a report on the retail convenience sector. It is not just about building our internal capability, which is important, but about bringing that message to retailers. We have done a series of roadshows where we have worked with retailers to help them prepare as to how they might approach the bank with applications for credit, how they might digitise their business, how they might reduce their fees and charges and, practically, to help them and demonstrate that level of understanding. Right now in the retail sector we are seeing a level of investment and reinvestment and some pick up in retail spending which is allowing retailers to remodel some of their stores. We are also seeing a lot of activity in the necessary re-financing of customers of exiting banks. Customers of those banks that are leaving our shores who may be doing deals with them need a new banking partner that can understand their business and give them the necessary credit to allow them to part company with the exiting bank and reinvest in the business that might have in some way stagnated.