Mr. John Moran:

I do. The State is borrowing at its lowest ever rates. Banks are able to borrow. We need to remember where we were and where we are. At the time when I might have imagined what that statement would look like, the Irish banking system had taken approximately €150 billion of support from the European system.

It is now below €30 billion. The guarantee system that we had to put in place started at €375 billion and is now below €20 billion. We are in a situation in which the banks are secure and deposits are back up. There are still jobs at hand. We have new management teams in the banks. They are driving forward on mortgage arrears. One would like to think they are driving forward on the small and medium enterprise, SME, lending and building profitability in the banks, but it will be a process. Rome was not built in a day.