Mr. Nick Ashmore:

It is for Brexit affected businesses to innovate and adapt in response to the Brexit challenge. It will differ in a number of ways. It is an uncapped guarantee. We are taking a lot of risk away in this context and we are expecting a lot from the banks in return. They will extend credit of up to €0.5 million unsecured to businesses. The maximum any business can get unsecured at the moment is about €60,000 or €70,000. We are capping the interest rate at 4%. Even if the loan is larger than €0.5 million, we are also limiting the extent to which a personal guarantee can be taken.

The other difference is we are having SMEs coming to us first. We are changing the application process. They will come to our website and complete a form. Hopefully within about six or eight months they will be able to complete the section with us online altogether. That is the difference.