Mr. David Duffy:

We might have covered this before. What the Deputy is referring to, and he must forgive me if my interpretation is wrong, is solving for negative equity. This bank is not capitalised, by some distance, for solving for negative equity. Under the regulatory regime of calculating the capital the bank needed etc., it was given capital by the State on the grounds that it needed to deal with arrears and write-downs of some elements of unaffordable levels of debt. The bank is not capitalised for negative equity and would not be a sustainable bank in those circumstances. I agree with the Deputy's principle but it is impossible to execute.