Mr. Brendan McDonagh:

Under the EU process which was very regimental - it had to be in terms of calculating State aid - we had to buy the loans by reference to a single valuation date, 30 November 2009. As everybody knows, up until the early part of this year, the market in Ireland declined by 25% from the end of 2009. Thankfully, there has been a very strong recovery, particularly in Dublin, in the market in the past four to five months. We have taken €3.6 billion of provisions up to 30 June 2013. If the Deputy wants to put it in succinct terms, one could say we overpaid for them by reference to what we did but that was because the market declined.