Mr. Matthew Elderfield:

-----before the capital is eroded through losses, that is the principal source one would like to see. If the banks become a better investable proposition, one then would see private capital and this obviously has happened in the case of Bank of Ireland in the past couple of years. In respect of any public support, the clear Government position is the best approach is the use of the European Stability Mechanism, ESM, as direct recapitalisation. There will be much debate on that over the next nine months or so, as to exactly how much and in what circumstances. Given the link between the banks and the sovereign finances, it is very important to have available that tool for Ireland and across Europe. One would want to have such ESM direct recapitalisation in order not to add to this vicious cycle between the banks and the sovereign finances.