Mr. John Moran:

When we did the stress test in 2011, we were thinking in terms of ending up with a capital hole in the banks that we wanted to keep in the system that could have been as high as €30 billion. That order of magnitude is a very significant risk to the State and an enormous drain on it. We are looking at a stress test that looks like a normal stress test for banks that are operational. The weakness of our banks in respect of the stress test is that they are not all generating capital in terms of profitability, which, in normal banks, we would like to see. As banks grow, they need more capital to be able to fund a growing balance sheet. The mere fact that in a stress test one says a bank needs more capital is not necessarily negative in itself. However, what we think is that the magnitude of capital, were it to be required - I am not saying it will be - would not be such as to create one of these financial stability shocks to the system. That is the information we are getting from the banks' management and the Central Bank.