Ann: CYBG PLC Update on Capability and Innovation Fund, page-8

No expert here but I think it was a nice to have. Yes it was disappointing to have spent time and money ( £30m pounds?) to then miss out, but I'm certain that CYB already has an advantage in digital and innovation compared to some of the less capitalised challenger banks. Even compared to VM, CYBs digital offering was 3-4 years ahead of the curve. The important thing is that they will be presented as one of the options for clients to refinance from RBS, but even this doesn't seem material compared to the ongoing synergy and cost-out program & continued growth in the loan book whilst being able to manage margins appropriately. These are far more important factors to the long term future of CYB.