Mr. John O'Beirne:

When the bank made the statements, in its efforts to be as transparent and complete as possible, they were point-in-time figures. We were trying to make sure that we captured each one of the accounts and to be as conservative as possible. As Ms McDonagh highlighted, when we worked through the redress and compensation we found that in a number of instances there were fewer accounts for a number of specific reasons. First, a number of the operational or margin errors had effectively been resolved close to the time that they had occurred.

While the original error may have occurred at the point of drawdown, the error itself had been rectified within the next 30 days. It would work through the redress and compensation scheme and it would already have been remediated. There was no redress or compensation, which is the figure of 9,400 to which we referred earlier.

The second area to bring it down slightly further was where we had some accounts which effectively were struck by two issues, our staff accounts and the customers who had switched from a tracker rate. When we worked through the issue, we took the most conservative worst outcome for that group and brought that through.