Mr. John Moran:

It has come down a different path. It was very much embroiled in a bank assurance entity. Of particular satisfaction to us, it has moved from developing an asset management centre in order to deal with legacy problems to participating in new lending in the markets. Recently, it appointed a head of small to medium-sized enterprise, SME, lending so as to expand further.

From the outset, we have viewed Permanent TSB as a bank that, depending on how the banking sector shapes up across the world, presents even more of an opportunity for a strategic player who wants to participate in Ireland, given its scale and various other factors. The dynamics of how the State might divest from that bank are different, but the important fact is that it is getting back to doing real banking. From the perspective of the economy, what we care about in the first instance is that the banks participate. Then we should have-----