Mr. John A. Moran:

The discussions on the restructuring of the various forms of debt are ongoing are currently intense currently. Deputy O’Donnell will understand why I would prefer not to go into the specific details in a public forum. Suffice it to say that we have, in effect, two discussions ongoing; one relates to the debt in the system as a result of capitalising IBRC. Therefore, those discussions are in some greater respects almost on a bilateral basis in terms of the solutions available from the European Central Bank. On what is referred to as the viable banks and the capitalisation by the State of those banks, we have a parallel process which is about seeking recapitalisation of those banks or, in effect, an exchange of the existing shares we have in them for an investment by the ESM in those banks directly. A precondition of that is clearly the establishment on a European-wide basis of a single supervisory mechanism which Mario Draghi himself has said it is not something he expects to see happen until the back end of next year. If that is considered to be a precondition of it then we are talking of a date beyond that before direct recapitalisation of the banks would occur.