Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

That is a "Yes" under the assumptions used at the moment.

I take the witnesses back to November 2011, when there was a public spat between the Government and the bank. The Minister of State at the Department of Finance called the position of the bank pathetic and the Minister for Finance said the position was serious. It concerned the ECB reduction of 25 basis points in interest rates, which was not passed on by AIB. The meeting between the Government and bank resulted in the bank facing down the Government but two weeks later it reduced the interest rate by 25 basis points. The bank knew the mortgage book was loss making at that time. The Government faced down the bank and AIB reduced the rate by 25 basis points. Since then, the ECB has reduced the interest rate on two occasions, amounting to 50 basis points, but AIB has not passed on reductions. Instead, it has increased its interest rate by 50 basis points. Is another showdown required between the Minister for Finance, the Minister of State at the Department of Finance and AIB? Why did the bank reduce the rate in November 2011 when it was not of the opinion that it should reduce it and when it knew the mortgage books were loss making?