Sean Barrett (Independent)
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I welcome our visitors. Questions Nos. 19 and 22 have not been answered. I ask the witnesses to answer them in correspondence. Question No. 22 asked what percentage of AIB customers pay at the highest rate of interest. The response directs us to Question No. 19, which is a different question and the response does not answer Question No. 22. I ask AIB to send a reply to the committee secretariat.

On the proposals made by the Governor of the Central Bank, Professor Honohan, Mr. Duffy's remarks are much more informative than the replies provided to Questions Nos. 25 and 40 in the written document. Given that the proposals were published on 7 October last, Allied Irish Banks must have formed a more definitive view than the views expressed in the answers to these questions. I gather the bank's view is that while the proposals are a good idea, they should not be implemented at this time. That is not, however, the view provided in the written reply.

The Nyborg report estimates that if the rules proposed by the Central Bank had been in place, we would have been required to put €2 billion rather than €64 billion into Irish banks. I would have expected a stronger endorsement of the proposed rules than that provided in the written document submitted to the joint committee. These rules are a normal part of banking in other countries where busts do not occur. Is that not the case?