Mr. John Moran:

I will ask Mr. Des Carville to speak about this. In the context of the IBRC liquidation, it is important to make points about the process. I mentioned the experience over the course of the past year compared to what we had anticipated. The positive momentum behind the sovereign debt issues and the stability in the economy has moved the horizon of investments for investors, particularly non-Irish investors but increasingly Irish investors, from a position of not wanting to invest in Irish assets to being very happy to invest in those assets. It has allowed us to take advantage of the opportunity to sell up to 90% of the assets of the bank rather than have them transferred to NAMA. This has put us into a virtuous circle because by not having to do so, it got people comfortable with the idea that there was not a residual liability in some respects in NAMA. Even more satisfactorily from our perspective, the risk we faced at the beginning of the process - of potentially discovering that the valuation of the assets when put into the process may lead to a residual risk for the State - has been overcome.

The exercise of doing that, however, is complicated. Our team in the Department has been doing that internally. We have some inevitable costs that were associated with the liquidation originally and the legal transactions associated with that. I will leave Mr. Carville to deal with the costs to the liquidator, because he has been involved in trying to push those downwards.