Mr. John Moran:

In 2011, when we did the PCAR analysis, in some respects we identified putting in place a system that would have AIB, Bank of Ireland and the rest of the Irish banks. It was roughly €100 million each, amounting to €300 million and 2% of GDP in the domestic banking system. In some respects, the failure was that by operating the system we did not have many deposits. The structural difficulties in existence were that there were two types of economy - domestic and international - funded through the same banking system so a stable domestic deposit base, around €150 billion, was funding a much larger banking system. We also moved over the NAMA assets, which had come out of the banking system and a lot of other deleveraging had taken place.