Eoghan Murphy (Dublin South East, Fine Gael) | Oireachtas source

If one looks at the figure communicated to the Minister, which we accept was a mistake and which was rectified but in my opinion only at the eleventh hour on 24 October, we are a long way from €220 million and even €375 million. We are talking about a figure like €437 million. When Mr. Bradshaw was before us, he put it that 50% of a large number was the same as 25% of a small number so it was not really an issue in terms of what the board was entering into. In respect of this particular deal in terms of the potential exposure which we touched upon briefly earlier, we had moved from a 49% share holding in a joint venture potentially worth €220 million to a 26% share holding in a venture now worth around €400 million - the final bill was €411 million or €412 million. I will not put words in Mr. Bradshaw's mouth but he was saying that in terms of the borrowing facility, we were still dealing with the same amount of money that was needed.