Mr. Fergal Ó Brolcháin:

It is political. There are several concerns. The ESM was established with a lending capacity of €500 billion in total. It was aimed at several elements, one of which was to provide stability support for member states; another was to provide help in the recapitalisation of financial institutions. It is all set out in the ESM treaty. One of the issues is ensuring the capacity of the ESM is maintained and that it is not pre-empted by one particular instrument. The other concern is the scope of retrospection or retroactive recapitalisation. Our position is that the viable banks should be eligible for recapitalisation. I cannot speak for other countries in terms of what their positions would be. It would not be appropriate to speculate on it. Their concern may have to do with the size of any such liability.