Professor Gregory Connor:

As I mentioned in the follow-up document from Professor Honohan, that is also his point. He spoke about scenario one hindsight. He broke it down by bank whereas I preferred the aggregate numbers because I believe that we were uncomfortable about which of the banks, other than Anglo and Irish Nationwide, were solvent. On the aggregate basis they were insolvent. Note that this was done in hindsight and because one has a lag and these are pro forma. When I say "insolvency" I do not mean technical insolvency or that the State accounts are insolvent. On a pro formabasis, adjusted for predictable losses, they were insolvent.