Mr. Eamonn Crowley:

I thank the Deputy for the question. I cannot go into detail but I can provide some guidance on why we are talking to the NatWest Group and why we are engaging on the Ulster Bank operation. Permanent TSB has long and deep roots across Ireland in the provision of accounts services and mortgages to customers. It is our ambition to expand also into small business banking to provide competition, an area that we know is dominated by the two larger banks, AIB and Bank of Ireland. We believe there is an opportunity for us to increase our footprint by way of our branch locations, and with the breadth of our product through the Ulster Bank discussions.

It is our ambition to be in the communities in which we operate, serving the customers we have. We welcome customers from Ulster Bank and other banks and welcome providing the competition that is needed, particularly in the business banking area.