Mr. John A. Moran:

Part of the analysis we carry out on the banks every month actually entails looking at the funding structure of the banks. The primary source of domestic funding available to banks over recent years has been in the form of retail deposits, because the corporate deposits and wholesale funding disappeared from the Irish banks from the outset of the crisis. The banks have been working on how to restore an element of their funding, at achievable rates, that is based on wholesale funding. Some of the corporate deposits have started to flow back into the banks and the next part of the job is to use their assets as security for carrying out wholesale funding. I believe that more than €6 billion or so has been raised by a series of the banks using United Kingdom assets. The next step will be to find a way to use Irish mortgages as funding.