Professor Patrick Honohan:

This is all part of these balance sheet assessments and stress tests. I am really not going to attempt to provide the Deputy with a number on that because this is what the exercise involves. There is no point in sitting back and doing some calculations - well, there is some point in doing so - because that does not get to the heart of the matter. The main issue is that we are forcing the banks down this road and step one involves allowing them to write letters. However, it is only step one. I am agreeing with the Deputy that there has to be a large number of restructurings and that mode one must come into play.