Mr. Joe Walsh:

Let us be clear about this, Deputy Spring, I did not say the balance sheet was the most important thing. I said the performance of the bank was important. The State invested €4.8 billion in equity in the Bank of Ireland and the bank has made repayments to the tune of €2.7 billion. As the next year goes on, I think it will reduce that much further. In relation to a number of other matters, it was given a directive to allocate €3.5 billion to SMEs and has exceeded that figure in new and increased lending. The Bank of Ireland has earmarked an increased amount for next year, some €4 billion for small businesses. The Bank of Ireland made provision of €1.5 billion last year for mortgages. That was fully taken up and a further €2 billion is allocated for mortgages at the end of this year and for next year. They have built up the number and capacity of people dealing with arrears to 739 staff and a trained person to deal with mortgage arrears provides this service in every single branch of the 250 bank branches throughout the country. There is a menu of products to deal with mortgage arrears. Let me add that Bank of Ireland has the least worst mortgage arrears. Some 90% of 161,000 people who have owner-occupier mortgages are meeting their commitments fully. By any of those yardsticks, Bank of Ireland is contributing to the development of the economy. The indications are that Ireland Inc. is slowly returning to economic development. Bank of Ireland will be there in the new year to assist the Government in developing the economy further.