Michael McGrath (Cork South Central, Fianna Fail)
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I welcome Mr. Masding and his colleagues. I thank them for the opening statement and the questionnaire, which we got in advance. I will start by raising the issue of NPLs. In his opening statement, Mr. Masding gave an overview of the two major portfolio sales or securitisations, Glas and Glenbeigh. When Glenbeigh is fully executed, the bank's headline NPL rate will reduce from 26% to 10%. Can Mr. Masding tell the committee where the bank needs to get to, in percentage terms, to satisfy the European authorities in relation to NPLs and how the bank intends to get there?