Mr. Jeremy Masding:

Yes, of course. We understand that the European average today is closer to 3.5% than to 5%. We still have some distance to travel. As the Deputy mentioned, our NPL ratio reduced from 26% to 10% in 2018. We have completed the vast majority of our reduction. By definition, any further activity in 2019 will not be of the same scale as the 2018 activity. We now have the second or third lowest NPL ratio of the five retail banks in Ireland. Therefore, to answer the Deputy's question, we are continuing to look at all options for further NPL reduction. Nothing, including loan sales, is ruled out. We expect other measures, such as increased mortgage-to-rent activity, to have an effect. A significant number of natural cures will also account for a substantial proportion. We still have a long way to go. I would not rule anything in or out this afternoon. I think there is a different mix on its way.

There will not be the same scale of transactions this year.