Mr. Jeremy Masding:

I will make a couple of comments on that issue, the first factual and the second a personal opinion. The factual comment is that, broadly speaking, our collateral is not eligible for that new scheme. It would be difficult for us to access it. In terms of my own opinion, I have always felt it was best for the Irish taxpayer and the State to bring Permanent TSB back to a simple, well-governed, well-managed and safe bank. By this I mean that we would have deposits on one side of the balance sheet and good lending on the other. I think the ECB would be extremely supportive of us driving for that business model. We were over-exposed to the ECB in the past. I refer to the loan-to-deposit ratio and filling the funding gap with the ECB when the capital markets closed. I think we would be extremely nervous over the next few years if Permanent TSB gorged itself again on ECB funding. Hypothetically, the Deputy is correct that it is cheaper funding but in terms of the long-term safety of this franchise, I am sorry to be old-fashioned and boring but I want a deposit funded and safe retail bank.