Mr. John Moran:

Yes, I am. However, I did not say we would get through them with absolutely no capital required. Each of the banks will have to be examined. On the question of whether we will get through the tests without creating a major shock to the system, I believe we will. However, there are a number of issues that arise. If one looks specifically at bank stress, one realises there are a number of elements that are common throughout Europe that have a particular impact on our banks. I do not have the information to know whether this will actually lead to what is suspected. For example, there is an assumption that any asset in the bank gets replaced with an asset generating the same return. That means that every tracker mortgage book that is repaid or portion of a tracker mortgage book that is repaid in the Irish banks is assumed to have an equally low-margin asset replacing it. Of course, that is not the reality. We know the reality is that the banks are actually rewriting mortgages with much higher levels of income than in the back book they have as they work through that system. These are complex issues. Making statements on and estimating at this stage of the year what is going to happen when the banks do what will be a very significant exercise of calculation under the stress tests is not an easy task, and it is not necessarily a fair task to ask me to do. As we look through our lens and pick up all the information we can pick up on the basis of the parameters, we do not regard the stress test at the end of the year as one whose magnitude will be such as to create a significant shock to the system. It may create no shock at all.