As the Deputy will be aware Permanent TSB had deposits of €14.37 billion at 31 December 2011, €17.27 billion at 30 June 2012 and €16.64 billion at 31 December 2012. Therefore during 2012 Permanent TSB grew its deposits by €2.27 billion. However the Deputy is correct to observe that PTSB experienced a reduction in deposits during H2 2012. PTSB has indicated that the reduction in deposits arose due to outflows driven primarily by the strategic repricing of deposit rates downwards. While outflows occurred, they were significantly less than forecast by PTSB. As the Deputy will appreciate reducing deposit rates is key for the return of sustainable profitability in the Irish banking system.