Mr. Richie Boucher:

I would like to mention a couple of things. Circa €5 billion of equity capital has been generated from liability management exercises with bondholders. In the capital exercise we did in 2011, circa €2 billion came from liability management exercise, circa €1.9 billion came from a rights issue with existing shareholders or participation of new shareholders, including a consortium which came together for a particular purpose, and circa €300 million came from the State. Therefore, liability management exercises have contributed a significant amount to the recapitalisation of the bank. By their nature, liability management exercises are bonds being bought in at a discount on their face value, which means the bondholders have taken a loss or have switched from a bond into equity in the bank.

The €1.9 billion raised from the bondholders in 2011 primarily came from 95% of bondholders in the first liability management exercise, who went for an equity option. Therefore, they ended up with a significant stake. My information is that many of those bondholders subsequently sold out of their shares and these have been taken up by other market participants.