Professor Patrick Honohan:

The best estimate is around €40 billion in terms of net long-term costs, taking account of the recoverable amounts, the amounts paid in guarantee fees, the amounts of recoverable in terms of when the Government sells shares in banks. So there is €64 billion whittled down eventually to approximately €40 billion. However, there are so many "ifs and buts" that we could spend the whole morning on it.