Professor Patrick Honohan:

It is. Obviously, it is very difficult to put numbers on this, and I hesitated, but from comparisons with other countries, the whole macroeconomic situation and evidence of what has happened to tax revenues and expenditures we can get a sense of the orders of magnitude involved. That is why I am saying we could be reasonably confident that even if it had not been for those banking losses, the pain would have been severe.