Mr. Eugene Sheehy:

You will see from my written statement that in September '05, I changed when I wrote to the divisions for the planning cycle. There was a five-year rolling view of EPS growth, which was 12% compound, and I moderated it at that time. I stated why I wanted to moderate it. There are all sorts ... there is a mathematical reason, obviously it gets harder to grow on growth. That is one thing. The UK was beginning to soften. We had the three big regulatory projects coming down which were going to cost ... they did cost in excess of €200 million. There was salary cost pressures all the way through the bank because of competitive forces and funding was getting more expensive, so I took it down from 12% to 10%, which is the same as putting an average growth back from 15% to 12%. So I did moderate it because it wasn't sustainable and just as a by the way, changing that measure of five-year plan eliminated the possibility, if those plans were met, of all the LTIPs, the long-term incentive plans, vesting. They couldn't vest because the plan now was less than the minimum hurdle required for them to vest, which was CPI plus 10% compound.