Mr. Diarmaid Smyth:

Mr. Sebastian Barnes and I have done a bit of work on looking at the €64 billion that went into the banks. Looking at the data, our best estimate last year was the value of those assets was approximately €11 billion. We did not make any recommendations on it and that is an issue for the Government. We are really conscious of the focus on the deficit and the debt and have come back to it today a bit in respect of the €2 billion. However, there needs to be a broader focus on the Government's stock of financial assets, as well as its liabilities. The Government has substantial assets, which I believe were valued at approximately €80 billion at the end of last year, of which €30 billion really is cash and deposits in these liquid balances. However, the banks obviously had a very low value last year. There has been good news this year and since we did our report, the value of the banks has improved and the Government has been able to make some money through Irish Life and Bank of Ireland. However, we did not make any-----