Good morning, everybody, and welcome to the Bank of Ireland AGM. I'm Sarah McLaughlin, I'm the group secretary. Before we start, may I please ask you to take note of the nearest exit to you. If you hear the alarms, please exit the building nearest your nearest exit, or via the nearest exit. Please also check that your mobile phone is switched off or set to silent, to avoid any disruption to the meeting. We have made this meeting accessible to as many shareholders as possible by providing an audio cast, which will allow shareholders to listen live to the proceedings. The slides for the AGM will also be available on the group's website after the meeting. So on to today's business. We will start with presentations from our Chairman, Patrick Kennedy, and our Chief Executive, Myles O'Grady. This will be followed by an opportunity to raise questions that shareholders may have on the resolutions that are put before the meeting today. We will then proceed to voting on the resolutions. When the meeting concludes, tea, coffee, and light refreshments will be available at the rear of the hall. So I will now hand over to our chairman, Patrick Kennedy. Thank you, Sarah, and I would also like to welcome you all to today's Annual General Meeting. This meeting offers the opportunity to take stock of the strong progress that the bank has been making in terms of business outcomes and strategic execution, and for us to hear from you, our shareholders. I'm joined on the platform by our Chief Executive, Myles O'Grady, our Chief Financial Officer, Mark Spain, our Group Secretary, Sarah McLaughlin, who just opened the meeting, our General Counsel, Gabrielle Ryan, and my non-executive director colleagues. We're also joined by Patricia Carroll from KPMG. Patricia, you're very welcome. The focus of our meeting is the financial performance of the group for the year ended 31st of December, 2023. We will also consider the resolutions set out in the notice of the meeting. That notice has been with shareholders since the nineteenth of April, has been available on the bank's website since that date, and as such, may I take the notice and the auditor's report as read. Thank you very much. Under Article 51 of the company's constitution, the quorum for the AGM requires the attendance of two persons entitled to vote upon the business to be transacted, each being a member or a proxy for a member. A quorum is present, and I declare, therefore, the meeting duly constituted. I would like to start by highlighting some of the group's important achievements last year. Bank of Ireland performed strongly, both financially and strategically. Financially, underlying profit before tax increased by 75% to just over EUR 2 billion. That's the highest level of profitability in the group's history. This financial performance reflects commercial delivery across all of our business lines, supported by a more favorable interest rate environment. It also reflects the positive outcomes from a series of important decisions that we have taken in recent years, and these include our transformative acquisitions of Davy in 2022, and last year's purchase of the KBC Ireland portfolios, which brought 150,000 new customers to the group. These also include the delivery of our successful value over volume strategy in the United Kingdom, evidenced by underlying profit before tax in the U.K., growing by close to 60% since 2019, whilst strategically reducing our net lending by 30% in the same period. This positions us well in what is the world's sixth largest economy, on our doorstep, and where we have had a presence for 200 years. The group's overall performance also reflects the significant progress made in delivering on the refreshed strategy, which we communicated in March of last year, and that strategy is built on three pillars: stronger relationships, a simpler business, and a more sustainable company, and Myles will talk about these three pillars later on. Turning to our capital position and distributions. Supported by our profitability, we delivered strong net organic capital generation, and this level of capital generation enables acquisitions, enables a meaningful step up in distributions, and enables growth in organic net lending in Ireland. Through continual engagement with shareholders, your board understands the importance of distributions, and in respect of 2023 performance, we have announced a proposed EUR 0.60 per share dividend. That equates to a 40% ordinary dividend payout ratio and reaching that payout ratio level a year earlier than originally targeted. We have also announced a EUR 520 million share buyback, with 2024 being the third successive year in which the group has completed a buyback. When you take into account these two items, the ordinary dividend proposed and the buyback, it equates to a distribution of EUR 1.15 billion, and that's a material step change of more than three times what we announced last year, which in turn, was more than three times what we announced in 2022. That combined figure, the distribution and the buyback, of EUR 1.15 billion, equates to 13% of our end-2023 market valuation. Our capital position is strong, as evidenced by our fully loaded Common Equity Tier 1 ratio, our CET1 ratio, which was 14.3% at the end of 2023. And finally, in an update to the group's policy, we are going to recommend capital distributions on a semi-annual basis, interim dividends, this year. Moving to purpose. In March of last year, we sharpened our purpose, which is to help colleagues, customers, shareholders, and society to thrive. And this purpose underpins our performance, and our focus on it, combined with our investment in the culture of a group, of the group as a whole, is delivering positive results for all of our stakeholders. For you, our shareholders, have already set out the step change in distributions, which we have been able to deliver. For colleagues, our culture embedding index increased to 80%. That's 5 points above the global financial services benchmark. It's 26 points higher than our first score when we first measured this in 2018. And colleague engagement has also reached all-time highs. These are important developments because we know that an engaged workforce with the right culture leads to better customer outcomes. And to that point on customer outcomes, our customer relationship promoter score, which is an important way for us of measuring customer satisfaction, is now at its highest level since tracking commenced six years ago in 2018. And within the same timeframe, complaints in Retail Ireland have halved. And the final stakeholder, for wider society, our positive impact includes supporting the construction of approximately 21,000 homes in Ireland today, where we're also the leading provider of green mortgages. At last year's AGM, I spoke to you about the Irish government's lifting of a number of crisis era restrictions on Bank of Ireland relating to remuneration. These changes were important to us for a number of reasons, including that they removed a number of restrictions on the group, which seriously hampered our ability to compete with other corporates, both banking corporates and non-banking corporates. We have responded to these changes in a careful and a considered manner, with a focus on better linking remuneration to the achievement of our long-term strategic and commercial goals and delivery for our customers. As a matter of general principle, public policy should foster a level playing field for all companies. This is important in every sector, and financial services is no different. We will continue to engage with all stakeholders on the future development of the sector, including on the remaining remuneration restrictions and other policy developments, which create an uneven playing field with other corporates and with competitors. Let me now pass to our Chief Executive, to Myles, for an overview of the group's performance and our strategy before Sarah takes us through the procedure of the meeting. Thank you. Myles? Thank you, Patrick. We are now more than one-third of the way through the three-year strategy we announced last year, which we are executing well. This is evidenced by the step change in the performance of the group. Loans, customer numbers, and assets under management have grown, translating to a strong financial performance, delivering a return on tangible equity, or ROTE, of 17.3% last year, well above our target. This outcome is supported by the breadth of our businesses in our home market. Ireland is an attractive market. Three-quarters of our profits come from here. It has experienced the strongest headline economic growth in the EU over recent years. This momentum is reflected in record total employment, while households and businesses have healthy balance sheets. Housing completions reached a 15-year high last year, with more growth expected. While we are always mindful of the risks presented by the external environment, this positive backdrop is important, and Bank of Ireland is well positioned to create value here. This all helps drive our Irish performance. In Irish mortgages, last year, we increased our share of a growing market to 41%, with organic net book growth of 8%, and we did this while maintaining our pricing discipline. Irish customer balances grew EUR 2.5 billion last year to EUR 80 billion, while customer fee income grew 11%. Our wealth and insurance assets under management increased by 18% to EUR 46 billion, and we see scope for further growth in the years ahead, very much supported by Ireland's favorable demographics. Our other businesses also performed well. We grew new lending on our Irish corporate and SME books, and we maintained a disciplined approach to property and international corporate, with lending down by 10% over the last year. In the U.K., our approach of generating stronger returns through a niche strategy in Great Britain, while maintaining a full-service bank in Northern Ireland, has transformed its performance. As Patrick said, our strategy is to build stronger relationships, a simpler business, and a more sustainable company. In terms of stronger relationships, last year, we helped our customers to buy 14,000 new homes, and we continue to invest in our mortgage offerings and have recently launched a highly innovative new mortgage product, the EcoSaver Mortgage, offering a better mortgage rate for a more energy-efficient home. In respect to simpler business strategy, our work to improve customer experience is having a positive impact on customer satisfaction. We want, and we know that we can do more. This work continues. Since the start of 2024, we have announced investments totaling close to EUR 150 million to improve customer relationship management, upgrade branches, renew our ATM fleet... and enhance fraud prevention. In addition, our ongoing focus on efficiency supported a significant reduction in our underlying cost-to-income ratio to 42%. Turning now to sustainability, our green lending increased by 35% to EUR 11.1 billion last year, and we're on track to meet our targets of EUR 15 billion of sustainability-related finance by 2025, and then growing this to EUR 30 billion by 2030. We are working to help sectors of the economy transition, including agriculture, property, transport, and energy. We helped more customers to buy sustainable homes, with green mortgages accounting for over half of our new Irish mortgage drawdowns. We've also made significant progress on our social commitments. Protecting our customers' and colleagues' financial well-being is a key focus. We hold the number one position as the Bank for Financial Well-Being in Ireland. We also continue to make progress towards our 50/50 gender balance target for management and leadership appointments, with female senior appointments reaching 46% last year. We strengthened our ESG reporting disclosures, recently launching our sustainable finance framework, which provides further transparency around what we categorize as sustainable and social finance. I'd like to also reflect on the unique opportunity that the group has as Ireland's national champion bank. We are able to serve our customers' financial needs at every stage of their lives. In addition to the Bank of Ireland's banking franchise, we are the number one wealth provider through our Davy business and Ireland's only bank insurer through New Ireland. The ability to offer banking, wealth, and insurance propositions, all from within the group, means we have an unrivaled position in the Irish market. Through our Davy and New Ireland businesses, we serve around 650,000 wealth and insurance customers in Ireland, with strong future growth expected over the coming years. From an investor perspective, our strategy is producing great commercial outcomes, translating to the financial performance we have set out today and supporting sustainable capital generation and increased distributions. Over the next four years, Bank of Ireland will invest in the region of EUR 2 billion, future-proofing our business. The focus of our investment will be securing long-term operational resilience, accelerating our capability online, and heightening operational excellence and efficiency, all of which is designed to ensure we meet the fast-evolving expectations of our more than 4 million customers. Before concluding my remarks, please let me take a few moments to acknowledge that this was Patrick's last year as chairman of Bank of Ireland, and a successor will be announced in due course. By any measure, Patrick has made an outstanding contribution, having served for 14 years on the board, with six as chairman. His term as chairman has spanned 2 strategy refreshes that have helped to reshape the group, delivering tangible benefits for all of our stakeholders. For shareholders, greater efficiency and higher returns have led to growing distributions, and in addition, we completed the transformative acquisitions of Davy and KBC Ireland portfolios, and the group has been returned to full private ownership. These, of course, are just some of the examples from a long list. On behalf of all of us in Bank of Ireland, thank you for your immense contribution, and we wish you every success in the future. I will now hand over to our Group Secretary to deal with the procedure for the meeting. Sarah? Thank you, Myles. As set out and explained in the notice of the meeting, which is being taken as read, there are a total of 24 resolutions to put to today's meeting via 13 resolutions. I'd also like to draw your attention to slight typographical amendments in the wording of resolutions 2, 12, and 13. In relation to resolution 2, in March, we announced the proposed final dividend for 2023. It would be paid on the 11th of June to shareholders on the register on the 10th of May. Unfortunately, the notice we issued for today's AGM included a typographical error in respect of these dates, which threw them out by two days. We apologize for this error, and therefore, earlier this month, we issued an ORNS to announce our intention to correct this at today's AGM. Resolution proposes to do that today, and if approved, it will align the dates of the dividend payment back to those we originally announced. In relation to resolutions 12 and 13, the resolutions referenced that the authorities proposed today will expire in 2024, as opposed to 2025. There are no other changes proposed today. As such, the Chairman will propose amendments to the dates set out in resolution two, and the year that's referenced in resolutions 12 and 13. For these amendments, as he formally proposes the resolutions later in the meeting, the Chairman will be seeking a show of hands to confirm approval. And we ask that you raise your hands and your white polling cards at that time. It's really important that you raise your cards in favor of these resolutions, as they will be needed to pay the dividend that is proposed before you today for approval, and thank you in advance. As there are many resolutions before you today, in the interest of time, it is proposed that rather than read out the full resolution, the main thrust of the resolution is being put to the meeting in summary form. For each of the remaining resolutions today, the chairman is declaring a poll, save for the procedural points I referenced in relation to resolutions 2, 12, and 13. Our registrar, Computershare Investor Services, has already provided the details of the proxies received from shareholders, including those proxies which instruct the chairman how to vote on behalf of the relevant shareholders in his capacity as the chair of the meeting. So to vote today, you each have an attendance card with you. On the reverse of that card, you will see the 13 resolutions and three boxes on each resolution. That's your polling card. Before you leave, we will ask you to tick the relevant box to indicate your vote on each resolution, and please ensure that you sign the polling card, as the absence of a signature will invalidate your, your vote. As you leave, please put your polling card into one of the poll boxes that are situated throughout the hall or at the exit doors, and our registrar colleagues are in the room, and they will assist you as you leave. The registrar will count the results of your votes immediately after the meeting and will add these to the proxies received in advance of the meeting. Details of the results will be published on the group's website and released to the stock exchanges after the meeting. To note, while a vote withheld is not a vote for the purpose of today's poll, details of any votes that are withheld will also be provided. Moving to shareholders' questions. Similar to last year's AGM, we invited questions in advance of the meeting. We received a small number of questions, and we have responded to each of them. The questions and our responses are available on the group website. Any questions that have not been made available on the website relate to individual accounts and administrative matters. In terms of the questions that we received, one shareholder submitted questions on interest earned on surplus cash deposited with the ECB, costs and operating expenses, and non-performing exposure levels. In our response, we directed that shareholder to the full year 2023 results presentation and the more recent Q1 interim management statement released on the thirtieth of April, and both of those documents are located on our website. Another shareholder submitted questions in relation to sustainability and how we can seek to add value to the broader stakeholder set in terms of our environment, customers, and the Irish society. In responding, we reiterated that the bank's purpose is to help customers, colleagues, shareholders, and society to thrive. Also, sustainability is fully embedded as one of the group's core strategic pillars, and we continue to deliver practical solutions, sustainable solutions, that make a difference. So again, the responses provided to the questions can be found on the investor relations section of the group website. So the chairman is now inviting your questions on any aspect of the resolutions that are before the meeting. If you would like to ask a question, please raise your hand and wait until we get a microphone to you. Any questions raised should relate to the business of this meeting. If you have any queries in relation to your own banking business, we have a number of colleagues that are here today to answer your queries directly. Each of the microphones is numbered, so the chairman will call the number of a microphone that's nearest to the person from whom he will take a question. And finally, if you could please give your name when asking the question. Thank you. I'll now hand back to Patrick to take your questions. Thanks very much, Sarah. I'm so happy to take any questions that shareholders might have. Just if you can raise your hand. Do I see... Thank you. Number, number two, please. Okay, my first question. The name is Jerry Coughlan. I have three questions here, but I can send you on a copy of this if you want to give it up to the to pass it on. The report mentions the Bank of Ireland booking on the line net credit impairment charge of EUR 403 million or 49 basis points across customer loans, which arose in 2023 compared to a charge of EUR 187 million in 2022. This is up around 115%. The central bank has highlighted a disorderly price correction in Ireland's EUR 50 billion commercial real estate market. According to a report by estate agents, Sherry FitzGerald, investment in the Irish property market has fallen to just over EUR 2 billion last year, down from EUR 4.7 billion. The question is: Does the board expect a further significant decline in the value of commercial property assets over the next two years as the market correction continues to hold and the sector adjusts to higher interest rates, rising vacancy levels, and a collapse in demand? The second question is the question in relation to the ATM general scheme with Access to Cash Bill. This is sort of legislation which stems from the recommendation made by the Retail Banking Review, published in November 2022. It requires compliance with regional criteria that set the maximum number of ATMs per thousand, hundred thousand, and proportional within 10 kilometers of an ATM and cash service points. In addition to protecting ATM availability, it is important that ATMs are properly maintained and out of service experience of customers is minimized. Of course, the central bank has empowered access to local ATM deficiencies, regions which is particularly difficult in access to access cash. The question is, will the Bank of Ireland be fully compliant with the planned Access to Cash Bill legislation that's currently drafted by the Minister of Finance? The third and final question is regarding the EUR 500 million home energy upgrade loan scheme for retrofitting homes. The question is, did the Bank of Ireland finalize the approvals process and legal requirements so that homeowners can avail of retrofitting loans ranging from EUR 5,000 to EUR 75,000 pursuant to the retrofit scheme, making energy upgrades more accessible and affordable to homeowners? Of course, the rival Permanent TSB become the first financial institution on this scheme to offer these retrofit loans with rates ranging from 3.5-5% annual equivalent rate. Well, I expect with more mainstream lenders coming on the market, I expect interest rates will be significantly lower than those currently on the market, because of the combination of European Investment Bank Group loan guarantee and the government-funded interest rate subsidy. I understand it's your last AGM. I'd like to wish you every success in your future endeavors. Thank you, Governor. Thank you. Thank you very much, Mr. Coughlan, and let me start by thanking you for your kind wishes, thank you. I personally very much appreciate them. And let me try and answer each of the three questions. I might pass the third question, Myles, to you. Your first question is a very important question, Mr. Coughlan, because it goes to, frankly, what is the biggest risk for any bank, which is credit risk. And in relation to the commercial real estate book, which you've asked about, I would say we've reduced the size of this book by at around EUR 1 billion in the last 12 months, around 12%, and that reflects both a prudent approach and proactive management of the book. We are satisfied with the quality of the portfolio today. It has remained resilient to date. And I think an important point of context in considering the CRE book is comparing it to the last time we had significant difficulties with our CRE book, which obviously was in 2008. And there's very, very significant differences between 2008 and today in relation to our CRE book. And let me just summarize it, because I think it's important to get to the nub of your question, Mr. Coughlan. That in 2008, CRE lending in Bank of Ireland was about EUR 37-38 billion. Today, it's EUR 7 billion. In 2008, the CRE lending was about 25% of our book. Today, it's less than 10% of our book. The nature of the CRE financing that we were engaging in, in 2008 is also very different. We-- There was more, there was speculative land development financing in 2008. There is none of that today, and probably most importantly, the, the overall credit management approach, credit governance approach, risk frameworks, risk oversight and regulatory oversight and management information, right across the piece is very, very different, to that which we experienced when there were last difficulties here. So it's a, it's an area that we monitor very closely because as I say, it is our, it is our most important, most substantial risk, credit risk, but it's, it's a portfolio that has remained resilient to date. On your second question in relation to access to cash and the Access to Cash Bill, we are as a, as an institution, we're very supportive of the cash landscape. We recognize the importance of the cash landscape to the payment system. Myles talked in his earlier comments about some of the investments we've made already this year. The largest of those investments is a EUR 60 million investment in our branch network and in our ATM fleet. So we have 664, 665 ATMs around the country. We're going to be upgrading every one of them, because we recognize the importance of access to cash, and very specifically around the legislation, we, and indeed, the wider banking industry is, we're engaging on an ongoing level with the Department of Finance around the development of that legislation, but we will absolutely, to your specific question, we will absolutely adhere to that legislation, in the form that it comes through in. And Myles, in relation to the third question? Yes. Thank you, Patrick, and good morning, Mr. Coughlan. As sustainable finance, sustainable lending is integral to our strategy, and it's a very important part of what we want to do, particularly in our Irish home market over the next number of years. I referenced earlier that more than half our mortgage book now are loans that have been written to support green homes. That's been very important to us, and we're building on that. We recently announced the introduction of our EcoSaver mortgage, that's designed to help our customers decarbonize, improve their energy efficiency in their home. Essentially, the more energy efficient your home is, whether you're an existing or a new customer, the more attractive will be the mortgage rate. In addition to that, to your point, we also want to very much support retrofitting, and that will be, most definitely is part of our product offering, and we're very happy to be supportive in that regard. We'll be supporting our customers to retrofit their homes, and of course, we will always seek to offer value in relation to those loans. Thank you. Good morning, David- Number two? ... private shareholder. I'm sorry, I missed your, missed the name, sorry. Please correct me if I'm wrong, but my reading of the balance sheet, and particularly page 168, is that we hold over GBP 14 billion of sterling mortgages. GBP 14 billion of sterling mortgages. Now, my reading of what's going on in the U.K. would leave me a little bit concerned about those mortgages. So first of all, perhaps your comment, if I'm incorrect or otherwise, would be valuable. But my suggestion is you immediately strengthen your U.K. sterling credit review team. That is my background and my career, and keep a very close eye on that aspect of the balance sheet. Thank you. Sorry, I missed your name at the outset. David McCabe. Mr. McCabe, thank you. In relation to the U.K., the U.K. is an important part of the overall footprint of the bank, and it provides scale, it provides synergies, it provides diversification of risk, diversification of strategy, diversification of funding risk. We've had a presence in Northern Ireland. It wasn't Northern Ireland at the time. We've had a presence in Northern Ireland since 1825. We've had a presence in Great Britain since 1971, and very substantially built out our presence, in Great Britain through the Bristol & West acquisition in the mid-1990s. It brought very significant credit risk expertise, to your specific question, Mr. McCabe. Over the last six years, we've transformed the performance, the financial returns out of the U.K. business. We moved from a business that was making a return on equity of low- to mid-single digits, to a business that last year was the top performing mid-tier bank in the United Kingdom. And we did that by focusing very selectively, in a very disciplined fashion, in the areas that we felt we had higher margins and a real strong franchise. And some of that, and, and, and the biggest individual line, indeed, in that, is around mortgages. Now, but we have pivoted, even within the mortgage portfolio, to different business lines, away from, away from volume, playing against the top five, top six players right across the spectrum, to more as, as Myles said in his comments at the outset, to more niche segments where there are better returns, and where the credit risk that we have, have built on from the Bristol & West acquisition in the mid-1990s, can play that part. And to put that in context, as a consequence, over the last six years to the returns, we have reduced the book by about 30%, by being much more selective about the risk that we take, and at the same time, we've increased returns, increased profitability by close to 300%. But the overall point that you make, and it goes back to the question that Mr. Copton asked around credit risk, is one that we completely agree with, and we are, we monitor credit risk across all of our portfolios very carefully on an ongoing basis. And I think we have the expertise to do that. But thank you for the question and the spirit of the question. I'm gonna take number one, please. Good morning, Chairman. Sorry, Oliver Daley. Yeah, I just wonder if you would consider having an odd lot share purchase? Particularly, this would be beneficial for any people who have small shareholdings, who have uneconomic shareholdings. Other companies did this, like Kenmare and AIB recently did that. So I was wondering if you might consider that as well? Because it seems people who have very small shareholdings, it's only uneconomic for them to sell it. But if you do an odd lot offer, they don't have to, they don't bear any sales commission, like brokerage, that type of thing. That's okay. And thank you for the question. It's very topical, as you say, AIB have offered it. They have a more fragmented shareholder base. Kenmare also have a more fragmented shareholder base than we do, but it, the point is still well made, and it's one that we will take under consideration. Thank you for it. And number four, please. Good morning. My name is Francis Nettle. You made the point earlier regarding fraud, and I'm aware of the bank's efforts to inform and advise customers around fraud, and welcome those initiatives and encourage you to maintain them. Individual instances of fraud, and I am not a victim, happily, are a personal disaster. And even if one considers oneself to be reasonably financially sophisticated, it's surprising the cases one reads about, of where people have fallen foul of this. So this is an issue of company reputation, personal disaster, and it links back to your own efforts to advise us all, so please encourage that. It also links back to what was mentioned about your own staff in the branches, and their need to be competent, friendly, and approachable. I believe if we're all encouraged with good experiences in individual branches, if we are targeted by any of these messages, and we're encouraged. Talk to your bank, your friendly local bank. That may help to overcome some of these issues. Further suggestion for your consideration is younger people should learn about this. So younger people, I mean, Leaving Cert level or at university level, and might the bank consider a program of informing such younger people about these risks for their own sakes, and also for the feedback that they can provide within their families? Thank you. Thank you very much indeed, and it, this is a key topic. We did refer to it, but you, you've, you've made the points very well. And to your, to your two suggestions, we will absolutely maintain a focus on fraud, and we're investing more and more. Last year it was one of the key enhancements to the app that we released, was around fraud and fraud monitoring. And this year, to Myles's comments at the outset, we've already announced an investment of an additional EUR 50 million in the first months of this year on fraud prevention, fraud protection. But your points on that are very well made, and the role of the role of our team, the role of our staff in the branches, I, I, I completely agree with you. Myles, in relation to the second suggestion around programs for younger people. Yes, indeed, and thank you for the question. It's a very pertinent point right now, and certainly Bank of Ireland, like, we feel we're quite appropriately taking a leadership position in the market on fraud to help protect our customers as best we can. That references the investment earlier, and of course, we have a dedicated team that are available 24 hours a day, seven days a week, to work with customers who are the victims of fraud. And also, we're running fraud awareness campaigns throughout the country, and part of that, of course, is talking to all different cohorts for customers. And I think the recommendation on working with some of our younger customers in schools is a very good idea indeed, and we'll certainly take that, by the way, to consider. I would like to say as well, you referenced our colleagues. In my experience, there are 2,800 colleagues across the network and branches. They are the best representatives of our customers and looking after their interests, and it's good to hear about experience. Thank you. Number three, please. Good morning, chairman, and everybody else that's here. My name is Kieran Mahon, and I'm a pensioner in Bank of Ireland. I worked in Bank of Ireland for 43 years, and I retired in 2014. My question relates to the accounts, specifically to how retired workers are treated financially by an organization that has just reported profits of EUR 2 billion, a very strong performance indeed. However, I've noticed that my pension has been significantly affected by inflation, at least historically. In 2010 and again in 2013, when the pension fund was in alleged existential difficulties, I and my colleagues agreed to accept certain somewhat draconian measures on the clear understanding, received in writing from the bank, that there would be adjustments if and when the scheme recovered. Despite the rising cost of living, the employer's current pension policy disallows a substantial portion of my due increase, and just some specifics. For the first three years, a pensioner receives no increase at all, and then since 2013, pension increases, which are, although they're tied to the Consumer Price Index, are always capped at a maximum of 4%. However, even if you're entitled to this modest 4%, the first 1% of the increase is then disallowed, effectively a pension deduction. An example, this means that if annual inflation is, say, 6%, which has been the case, I would only get a 3% increase in my pension. I have to say, this contrasts with how executive management and directors are remunerated. On top of very generous salaries, which are fine, the 7 senior executives got non-performance share awards worth EUR 240,000 between them. The Chief Financial Officer got EUR 125,000, which will rise to EUR 250,000 next year, and the Chief Executive got EUR 250,000, which will rise to EUR 500,000 next year. Could someone please explain the rationale behind this reward policy? How, in contrast, pensioners continue to be treated as if there is still an existential situation, and what steps are being taken to address the challenges faced by pensioners like myself? Where is the evidence of sharpening of purpose? Thank you. Thank you, Mr. Mahon, and I know this is something you feel strongly about, and let me give some context to everybody in the room on this topic. As Mr. Mahon points out, in 2010 and 2013, there were reviews of our pension funds, and most particularly the Bank of Ireland staff pension fund. And as part of that review, and as part of the agreement that was reached, there were changes in terms of what would qualify for pensions going forward. There were changes in terms of rules and pensions and payment going forward, and at the same time, the bank agreed, in addition to the normal contributions, to accelerate additional funding of EUR 1 billion into the fund, which it did. We have had, over the last 16 years, the fund has been in deficit for 13 of those 16 years. Thankfully, the fund is in surplus today. The Bank of Ireland Staff Pension Fund had a funding level of 102% at the end of the year, which is a welcome development. It's now down, unfortunately, to 101%, but to have more assets than liabilities is where we wanted to be. 101% is not as big a surplus, as big an advantage as we would want, and therefore, there is still room for considerable volatility. And as the trustees have considered the surplus that is there at the moment, and the commitment that was indeed made, as Mr. Mahon points out, if there was a surplus in future years to consider how to use that, the trustees have decided in the first instance, that their priority should be to de-risk the scheme. And the trustees, as I understand it, are using a significant proportion of the current funding surplus, and to do that. Stepping back, I served as a trustee for three years, and I know that the priorities of the trustees of the Bank of Ireland Staff Pension Fund are to provide security and stability for all 17,000 members of the fund. And that's important to protect benefits now and benefits in the future for current scheme members, and indeed, obviously, for future generations of pensioners. And I also know the trustees aim to be fair and equitable and try to get the balance right and be fair to all members. And in that regard, there was an increase in pensions and payments of 3% last month. There was an increase in April 2023 of 3%, under the formula that you referred to, Mr. Mahon. There has been, I know, a very substantial assessment that's taken place. It has involved actuarial advice, it has involved legal advice, it has involved a very significant investment of time. But I do appreciate your comments. I do also, as I said at the outset, I appreciate the depth of feeling that you have on this issue. I will pass your comments on to the group head of pensions and to the Pension Steering Committee. And I also know that, I understand at least, that there's been an offer made to pensioner representatives to meet with Mark Spain, our Chief Financial Officer, and I hope that offer is taken up, and you're very welcome to join that meeting, Mr. Mahon, and make sure that your perspectives are fully heard, because those perspectives are important. I thank you for your contribution. I'm going to take question number two. Yeah, sure. Finbarr O'Neill, Governor. Thanks. I've a question somewhat related to what's already been said, but initially, I want to wish you well as you head towards retirement from the Bank Board. You've given 14 years of service, and as the chief executive said, 6 as chairman, a significant contribution in any professional career, and I really do wish you well as you proceed in your career. In your chairman's review, in 2021, you highlighted the uneven playing field because of remuneration restrictions, which hampered and created a clear competitive disadvantage for the bank, relative to banking and non-banking corporates. In your review of 2022, last year, in the annual report, you reported that in November 2022, the government announced the removal of a number of crisis-era restrictions related to remuneration, and you said these changes were important and would help the bank compete again in a more level playing field. This year, again, you used the phrase, and you call on the government that the remaining remuneration restrictions be removed. So I’ve written to you a number of times over the past couple of years, three times, in fact, asking you to address and remove the crisis-era restrictions, which the previous speaker talked about. And particularly for those on low pensions, which I mentioned in all my letters, in particular, the 1% levy and the 4% cap. You declined to meet me. You didn't take up my offer to meet or to meet a selection of pensioners, and I asked that you establish a forum. You didn't do that, where pensioners could put their case to the board. And I really ask you, how is it consistent to ask the Irish state to establish a level playing field when you and the board refused up to now to discuss establishing a level playing field for pensioners? As the previous speaker said, the directors, shareholders, no other group actually suffer this particularly difficult 1% levy on pension and on their salary increases. And I would liken it, Governor, to the bank having pensioners in a state of captive disposition. The long-term impact of the restrictions has significantly reduced pensioners' effective income, and over a normal lifetime in retirement, a pensioner who retired pre-2010 could expect a 30% or 40% diminution in the purchasing power of their pension in their retired lifetime. That is a very, very significant penalty. The need for a level playing field is obvious, Governor, and you have been on the board through all the period of the crisis, from 2010 through to date. And I'd ask you, as you move towards stepping down from the board, where you have given terrific service, I'd ask you to please prioritize and deal with this issue in the months you have left, as part of the board. Now to my question. Matters reserved for the board are no longer disclosed in the annual report. You do explain how you deal with matters reserved for the board, but I would ask you, is staff and pensioner remuneration still a matter reserved for the board? And secondly, if you might, why put the bank's future service contributions into an escrow account rather than straight into the staff pension fund? There's now EUR 60 million in the escrow account as at, as mentioned in note 32 to the accounts, as at the end of 2023. Thank you. Thank you very much, Mr. O'Neill, and there's a lot in that question and a lot in your comments. Let me start at the outset by thanking you for your kind wishes towards me. I would also add that it is... You and I go back a long way, Finbarr, and it is regrettable to me that you and Mr. Mahon and others who have contributed so much to Bank of Ireland are so frustrated. That is unfortunate. I know that the trustees tried to get the balance right on this, and I don't want to repeat everything I said to Mr. Mahon, but they tried to be fair to all members. One third of the members today are pensioners, two thirds of the members today are either still in the Bank of Ireland workforce or are deferred members. Context, just to add a bit more context on this, this is one of a small number of defined benefit schemes in Ireland, which has successfully managed to remain open, and in 2010, when the commitment was made, many other defined benefit schemes were closed, wound up, or had material benefit reductions. Many schemes don't provide pension increases, some reduced pension and retirement by state pension. Bank of Ireland staff pension fund is neither of those things. And to your point, Finbarr, around the high levels of inflation, and I completely take that point, this agreement on the increase that would be paid to pensions in payment does not protect fully against the recent high levels of inflation, but nor indeed are pensioners and pensions reduced in periods when inflation is negative, which has been in three of the last 10 years. In relation to communication, we have stepped up the communication, and the information's been shared, both in terms of written communication and indeed individual meetings that have been offered with the Chief Financial Officer. And I know that Mark has a number of meetings arranged. I'm not sure if one of them is with yourself. But that's just some context in relation to the point that you made, but my overriding sentiment here is that it is regrettable that you have the frustrations that you have, because we are trying, and the pensioner trustees are trying to get the balance right here and be equitable to all members of the scheme, and to de-risk the scheme for all members going forward. And that's how they are employing the surpluses as they exist at the moment. And in relation to the specific questions, we have to pass them to Mark. Yes, so Mark, you wanna check the escrow, please? Hi, Finbarr. Yeah, and just maybe specifically on the escrow, so just again, for the benefit of the broader room, that escrow account was set up as part of a series of measures during the last triennial valuation, which was completed on the first of January 2022. And as part of that, the bank supported the trustees' de-risking measures. This relates to what Patrick said earlier. And just again, for context, the pension scheme, the last payment out of the pension scheme would be probably 60 years from now, so that's how the trustees are thinking about avoiding that volatility over that period. So those de-risking measures, as part of that agreement, both parties, the trustees and the bank, agreed to put the 2023- 2025 contributions into escrow as part of that agreement. The trustees took independent legal and actuarial advice in relation to that. I'd note that the contributions relate to service of ongoing staff, as distinct from funding any deficit in relation to pensioners, which I think is important. But there are a series of triggers in place to ensure that the scheme is protected, so if the actuarial surplus, for example, falls below 100%, the escrow gets released back into the scheme. In relation to the matters reserved for the board, sir? Thanks, Patrick. Yeah, so staff remuneration or group remuneration policy would be a matter that's subject to approval of the remuneration committee of the board. Pensioner remuneration then is dealt within the group through the Pension Steering Committee, under the leadership of the CFO, and obviously have their independent trustee boards as well. I can take number one, please. I don't think using this... Under difficult- It's just difficult to hear you, sir. ... I, my hearing aid didn't arrive in time, so that's one reason. Who's happy here? I can't imagine. You thanked an initial speaker for his kind words. Well, he won't be getting any kind words now, and that won't surprise you. He didn't last year or the year before. I don't have a vote because my broker didn't send me a vote this year, nor last year. I think it's a conspiracy to keep me from speaking, but I speak anyway, but unfortunately, I can't vote. But if you'd like to correct a vote, you can mark me down for no, no, no, no, no, all the way down. I see you have a picture of the rugby team. Maybe you could get the rugby team to run the bank, since they appear to play rugby better than the bank can run the bank. When did you last pay a dividend? If, Mr. Flood, if you want to maybe give us all of your questions, and I'll try and deal with them all, rather than go through them individually. When did you last pay a dividend? As I said, Mr. Flood, I'm very happy to go through this individually, but I would be interested in listening to your full contribution, and then I would answer every question that you've asked. See why you couldn't answer a question. We last paid a dividend last year, and we proposed in the vote later on to pay a dividend next month. I don't understand that. However, I'll just give you an idea. It's somewhere around 10-15 years since you paid a dividend. My recollection, which isn't very reliable, I received a dividend somewhere around GBP 30, maybe even up to 50, and that's over a long... Well over 10 years, so you can imagine how much come out of pocket. You thanked the previous speaker for his kind words. He won't be getting any, and that's why. If I had a dividend, I might be more able to speak nicely. The only people in this room I think who could be happier are yourselves, all of you nice people up there, looking out at this poverty-stricken lockdown here, as we have been for the last 10 years. You, the minister and other people have complained that the banks don't pay interest to people who lodge money, and there's vast amount of money in the banks, according to the minister, and they don't get a penny for it. You bring off the double. You don't pay interest in the bank, and you don't pay dividend to the shareholders. It's not a great recommendation. You lost one of the people that you had last year, and they left to go to another company that Google didn't think very highly of. She left EUR 1 million a year, no questions asked, and went to a company that isn't doing all that well. It doesn't speak much for the BOI, that a person can walk away from a cool million, and sees no future in the BOI, very much like myself. In this century, nobody will ever get the dividend, the last dividend I got. In fact, it may well be, as you continue, nobody will ever get a dividend at all in this century, and you'll certainly never, you'll never reach the dividend, the last dividend that was paid. As a point of interest, you might tell the people what the last dividend paid was, and how far away you are from it, unfortunately. In the meanwhile, we can go to Minister DePaul or the Legion of Mary or somebody and they'd help us out. Okay. Thank you for your contribution, Mr. Flood. There is a misunderstanding here, just to be very specific about it. We paid a dividend of EUR 0.05 per share in 2022. We paid a dividend of EUR 0.21 per share last year, and subject to the vote later on, we propose paying a dividend of EUR 0.60 per share this year. And when you put that across all of our shares, all of the shares in issue, and you couple it with the buyback that also advances shareholders, this year we're proposing to distribute over EUR 1 billion, EUR 1.15 billion, to you, to our shareholders. So there's a miscommunication here. Happy to, happy to engage with you and engage with you at the customer desk to go through that and try and understand why that hasn't been communicated to you, but we certainly have been paying a dividend over the last number of years. And in relation to the related points that you, you've raised around the interest that we're paying, there has been since July 2022, but, by the time we got to July 2022, interest rates were at historic lows since they've been measured in the last 700 years. There was then a big adjustment, a big increase in interest rates, and that led to a big adjustment for many of our customers, and that led to pressures that we're aware of for households and for businesses. We had, on the one hand, customers were borrowing from us, on the other hand, customers who had money on deposit with us. We sought to strike a balance by rewarding savers, and at the same time, not passing through, the full impact of the increase to mortgage holders. That balanced approach, I think is evident in our fixed mortgage pricing. ECB rates have increased by 4.5% since the middle of 2022. Of that 4.5%, we've increased our fixed rates by 1.75%. We've tried not to pass on, and we have not passed on anything like the full increase in ECB rates to our mortgage customers. And at the same time, we have increased rates and expanded our product range for savers, and today we have a Super Saver, 3%, deposit product, as an example, fixed for 12 months. We have tried to, and we have, increased pricing for deposits, and we certainly have, paid dividends and, and hope to pay them, based on the vote, later on this morning. But thank you for your, thank you for your contribution. Number three, please. My name is Conor Brady. I am a pensioner. I would just like to ask for clarification. In historical context, in 2010, the deficit on the balance sheet of the pension fund was EUR 1.5 billion, approximately. It was a contingent liability on the overall balance sheet of the group, which needed to be eradicated in order for Richie Boucher to go to the markets and raise capital and get investors on board. The greater amount of that EUR 1.5 billion removal from the balance sheet was put on the shoulders of the deferred members in the pension fund. But the imposition of the conditions in relation to the cap on pensions going forward, was put on the shoulders of the pensioners at the time, in 2000... People who were members of the pension fund in 2010, who had no hand, act, or part, or say in any of the changing conditions. It was given to them as a fait accompli. They were not asked their opinion. They were not given a chance to vote. In relation to the changing of the terms and conditions of the pension fund in 2010 through to 2013, 2014, there was no option. We were coerced into the acceptance of the terms and conditions, or you got the door. It was put as bluntly as that. Now, I know somebody will, up there, will say: "Oh, no, no, no, it wasn't." I can tell you for a fact, it was. The second point I would like to point out is, while in 2023, the year has been a boom year, the shareholders are getting rewarded on the double. The buyback will increase the value of the shares, and the dividend will increase from EUR 0.20 last year to EUR 0.60. Now, it would appear to me that the pensioners, the group that I represent, we are the people that are bearing the brunt of quite an amount of the generosity of the bank to the shareholders. As I mentioned, the deficit within the pension fund at 2010 was EUR 1.5 billion. But yet, in 2023, the pension fund and the trustees crystallized a loss on the assets of the pension fund of EUR 1.426 billion. EUR 1.426 billion, and there isn't a dicky bird about it. No explanation as to what class of asset was disposed of to accumulate that loss. No individual or group of asset managers were identified. I can't find out who gave the advice to purchase the assets, whatever they were in the beginning, and no explanation as to why this loss was crystallized. So I would like to ask you, Mr. Kennedy, or indeed Mr. Goulding, the deputy chair, who sits on the, as a trustee, to give a breakdown of what caused the crystallization and the write-down of EUR 1.426 billion of fund members' assets. Thank you. Thank you very much, Mr. Brady. I'm going to pass the specific component of your question at the end there to the Chief Financial Officer. But just to make one point, in relation to what you said prior to that. In 2010 and 2013, you said that it was put on the shoulders of pensioners, that the change that was needed was put on the shoulders of pensioners. Pensioners absolutely took the brunt of this, but so did the employees. Employees saw the majority of employees saw a reduction in their expected future pension of around, on average, 20%, and so did the bank and bank shareholders. The bank, in addition to its ongoing annual pension contributions, injected an incremental EUR 1 billion. This was a solution advanced by all constituents and paid for by all constituents. I just want to put that in its context. Mark, in relation to the specific question that Mr. Brady makes. Yes, thanks, Mr. Brady. So maybe specifically, and just to go back a little bit in time to that concept of de-risking that we spoke about a bit, a bit earlier, and recognizing the longevity of the scheme, that's, that's something that has been a multi-year objective of the trustees, which the bank has supported over the last six, seven, eight years. But one of the consequences of that is that as you think about the movement in the assets, you also need to think about the movement in the liabilities as well, because what the trustees are doing with the bank support is changing the profile of the assets so they more mirror the behavior of the liabilities. So what you'll see in the 23 accounts is that a downward adjustment of the assets, which you quite rightly identify, is also offset by an almost equal and opposite reduction in the liabilities. Any other questions in the room? One more, sorry. Down at the, down here in the right. Sorry, Mr. Chairman. Sorry if I don't stand up, I have a gammy hip. Could I just put a question to the entire board and ask how many of the board are aware of and know of the contents of EOS letters of agreement the bank made with managerial staff in the late eighties and early nineties? Could I just ask for a show of hands on that, and maybe I'd ask somebody here then to tell me how many hands are up. An EOS letter of agreement the bank made with managerial staff in the late eighties and early nineties. I'm afraid I don't know the answer to that, and I don't know, just looking at Mark and Myles, we don't know the answer to your question, but happy to- There are obviously no hands up either. So obviously there's no point in me talking to the directors in a vacuum, because if you don't know what was in the agreement, then there's little point in continuing the conversation. What I will do in the next couple of weeks is I will write to each individual member of the board, asking them to do a couple of things. One is to abolish the voucher cap, as I call it, and I know I support a lot of the previous speakers, and the other is to confirm that they have received a copy of the EOS letters of agreement. And Mr. O'Grady, I authorize you to go to my file, John A. O'Neill, Gorey, 1990, extract such an agreement, photocopy it, and give it to the directors, because the bank is in breach of the contract in that document. Now, the bank, because the bank can side out of things, has chosen to decide that it's not going to pay the increases which were assured to me in pension increases in retirement. There was no mention of a 4% cap, and there was certainly no mention of a 1% reduction. So I would just leave it at that, Mr. Chairman. I'll write to each individual member, but what I would ask the members to do as individuals is, like Shakespeare said, "And above all, to thine own self be true." Answer yourself honestly and without any direction from other members of the board. Thank you. Okay. Thank you, Mr. O'Neill, and we will of course respond to your letter and consider your letter when we receive it in a number of weeks, as you say. We won't wait that long. Myles, will you talk to Mr. O'Neill after the meeting and see if we can advance? Yeah, Mr. O'Neill, I'm sorry that I'm not personally familiar with the EOS issue that you referred to back in the eighties, but I'd very much welcome a conversation today, notwithstanding, of course, you writing to us well, but it'll be good to have that conversation if you're available. Thank you very much. Okay. Any other questions in the hall? Okay. Well, thank you, everybody, for your questions. I'm going to move now to the business of the meeting. The company is presenting its statutory financial statements for the financial year ended the 31st of December 2023, which were published on the 26th of February 2024. Copies of the statutory financial statements, which were approved by the board, copies of the director's report and the auditor's report may be found on the company's website. The affairs of the company since that date are summarized in the Q1 2024 Interim Management Statement, which was published on the 30th of April 2024, and is available on the group's website. The full text of each resolution is set out in the notice of the meeting. I now formally propose that each of the resolutions, as set out in the notice, are put to the meeting. As mentioned earlier, for each resolution today, I am declaring a poll, save for the procedural points which Sarah referenced in relation to Resolutions 2, 12, and 13. The following resolutions are proposed to the meeting. Resolution 1, that the financial statements, the report of the directors and the report of the auditor for the year ended 31 December 2023, submission to this meeting, be considered and received. Resolution 2, before I propose the dividend in Resolution 2, as explained by Sarah earlier in the meeting, I propose that the wording of Resolution 2 be amended to refer to a record date of the tenth of May 2024, and a payment date of the eleventh of June 2024, to align with the dates which we originally announced. I would ask all who are in favor of that to please raise your white polling card. Okay, thank you. Any against, please raise your white polling card. Okay, thank you. I declare the resolution carried. Resolution 2 will be proposed therefore to the meeting accordingly, to declare a final dividend of EUR 0.60 per ordinary share for the year ended thirty-first of December 2023. Payable on the 11th of June, 2024, to all members on the register at 5:00 P.M. on the 10th of May, 2024. Resolutions 3A to 3L are for the election and the re-election of the directors and are each proposed as a separate resolution, so please bear with me. Resolution 3A, that Akshaya Bhargava be elected a director of the company. Resolution 3B, that Margaret Sweeney be elected a director of the company. Resolution 3C, that Giles Andrews be re-elected a director of the company. Resolution 3D, that Evelyn Bourke be re-elected a director of the company. Resolution 3E, that Ian Buchanan be re-elected a director of the company. Resolution 3F, that Eileen Fitzpatrick be re-elected a director of the company. Resolution 3G, that Richard Goulding be re-elected a director of the company. Resolution 3H, that Michelle Greene be re-elected a director of the company. As resolution 3I relates to myself, I will hand over to Richard Goulding, our Deputy Chair. Richard? I now propose that Patrick Kennedy be re-elected a director of the company. Thanks very much, Richard. Resolution 3J is that Myles O'Grady be re-elected a director of the company. Resolution 3K, that Steve Pateman be re-elected a director of the company, and resolution 3L, that Mark Spain be re-elected a director of the company. Resolution 4, that the appointment of KPMG as the company's auditor be continued onto the conclusion of the next AGM of the company. Resolution 5, that the remuneration of the auditor be fixed by the board of directors for the 2024 financial year. Resolution 6, that an extraordinary general meeting, other than an extraordinary general meeting, called for the passing of a special resolution, may be called by not less than 14 clear days notice in writing, in accordance with Article 50 B of the company's Articles of Association. Resolution seven, to receive and consider the Directors' Remuneration Report for the year ended 31st of December 2023. Resolution eight, resolution eight has been proposed as a special resolution. It seeks to authorize the company or any of its subsidiaries to make market purchases, up to approximately 10% of its issued ordinary shares at the date of passing of the resolution, and the authority will expire on the earlier of the AGM to be held in 2025 or the 23rd of August 2025. Resolution 9 is an Ordinary Resolution to authorize the directors to issue new ordinary shares up to a maximum of 343,913,417 shares, representing approximately 33% of the issued share capital of the company as of the sixteenth of April, 2024, subject to statutory pre-emption rights, where applicable. Resolution 10, which will be proposed as a Special Resolution, is to authorize the directors to allot ordinary shares for cash without offering them first to the other ordinary shareholders. The authority in Resolution 10 is limited to an allotment pursuant to a rights issue authorized under Resolution 9, and up to 52,108,093 ordinary shares, otherwise than in connection with an offer to ordinary shareholders in accordance with their pre-emption rights. Resolution eleven, which will be proposed as a special resolution, is to authorize the directors to allot ordinary shares for cash without offering them first to the other ordinary shareholders. Resolution eleven authorizes the disapplication of pre-emption rights in respect of an additional 52,108,093 ordinary shares, for the purposes of an acquisition or specified capital investment. The authorities being sought in resolutions nine, 10, and 11, if granted, will remain in force until the date of the AGM in 2025 or the twenty-third of August 2025, whichever is the earlier, and there are currently no plans to issue any ordinary shares on foot of this authorization. Before I move to resolutions 12 and 13, as Sarah outlined, I propose to the meeting that the wording of resolutions 12 and 13 be amended to correct a typographical error by replacing references to dates occurring in 2024 to the equivalent dates in 2025. Could I have a show of hands for those in favor of that? Thank you very much. And those against? Thank you. I declare that passed. Therefore, moving to resolutions 12 and 13, and I'm gonna take these resolutions together. Here, the directors are seeking a general authority to issue Additional Tier 1 contingent equity conversion notes, or AT1s, and to allot ordinary shares issued upon conversion or exchange of AT1s, without first offering them to existing shareholders. Resolution 12 is proposed as an ordinary resolution, and resolution 13 is proposed as a special resolution, as set out in the notice. Again, to vote on the resolutions proposed, you're asked to put your polling card into one of the poll boxes situated throughout the hall or at the exit doors as you leave the meeting. And as Sarah said, details of the results will be published on the investor relations section of the group's website and released to the stock exchanges later today. Before I conclude the meeting, I would just like to take a moment to acknowledge Myles's kind comments earlier on. From my perspective, being both a board member and chairman of Bank of Ireland, has been a privilege. I have previously made the point that the frame of reference for Irish banks feels limited to the last 15 years, and that is very understandable. However, Bank of Ireland has now been in business for 241 years, and over that span of time, as well as growing as a commercial enterprise, we have played a major role in Ireland's economic development. During my time on the board, I have seen that in action. For customers, for broader economic stability, and for prosperity, and at our best, that is what we offer, and that, in my view, is something that we should be very proud of. I thank all of the directors and the management teams I've worked with over the years, not least those in office today. I thank my colleagues across the full breadth of our operations, for their professionalism and for their hard work. I would particularly like to acknowledge the three excellent chief executives that the bank has had during my tenure, Richie Boucher, Francesca McDonagh, and Myles O'Grady. I thank our customers for their trust in us and, very importantly, for their business. At this forum, I especially thank you, our shareholders, for your confidence. Many of you have attended our AGM every year, and it has been a pleasure engaging with you on many different items over the many years. Bank of Ireland is in a strong position today. Bank of Ireland is confident about its future, and I have no doubt the bank will continue to play a key role for Ireland's economy for many years to come, and thereby reward you, our shareholders, for your continued support. Thank you very much indeed. And that now thank you. Thank you very much. That concludes the business of today's meeting. We would be delighted if you could all join us for some refreshments at the back of the hall. Thank you very much.