Dr. Dan McLaughlin:

If somebody said that Bank of Ireland was the least bad bank in Ireland I don't think that was something to be proud of, but it was the lowest. In general I think I made a point in my opening statement that there are pros and cons of NAMA and I'm sure you've heard a lot of the pros. But one of the main problems with setting up such an institution at the time was that you are marking to market in a market that doesn't exist, and it's in ... you know, nobody ... virtually nobody ... I don't think anyone else ... Spain set up kind of a bad bank but about three years later. So there was advantages of doing it, but the disadvantage is it crystalises, in this case, €42 billion of capital losses.