Mr. David Duffy:

It is a matter of timing. There is a value in the bank in the market at any one point in time. If one looks at that value and sells some of it and there are dividend periods, then depending on the market valuation, the dividends will take more or less time to reconcile to the total. If we are of the view today that there is a value of somewhere around €10 billion in the bank, depending on contingent convertible capital instruments, CoCos, and so on, we can say that half the value is evident today and we would then look at dividends reconciled and remainder. It is a mathematical equation. Our job is to ensure we maximise the value on sale of the bank at any point in time. Thereafter, it is a function of calculating the timing on dividends to reconcile the answer.