Mr. Jeremy Masding:

I will repeat what I stated to one of Senator Craughwell's colleagues. We are conscious that we must be competitive and that has been a hallmark of this management team, which came together in 2012. That was reflected in our early decision to reduce variable rates, unilaterally and considerably.

We will continue to monitor rates closely and do all we can to reduce our cost of funds because, at the end of the day, what we are trying to build is a sustainable competitive bank for Ireland. Ultimately, we will reduce our variable rates where possible, but it would be inappropriate for me to guarantee when that would happen. I have to pull some other levers first.