Mr. John Moran:

The liquidation of IBRC that was put in place under the legislation was effectively following a normal liquidation process. Even though it was done by statute, in reality, it involves the same process. The first and primary creditor was effectively the Central Bank of Ireland, which represented the residual emergency liquidity assistance, ELA, funding arising from the State guarantee. That is why we speak about the importance of selling the assets over and above a threshold. Once we get over that threshold, the State's contingent liability becomes nil. If any remaining assets arise after that which can be disposed of and create cash, then the unsecured creditors will participate in that. It is important to recall, however, that the State is part of the liquidation and had a responsibility for the guarantee of the large payout of deposits that happened at the time. Therefore, when we sum up all of the unsecured creditors of IBRC, the State is one of those unsecured creditors in that respect, and quite an important one as a percentage matter.