Dr. Dan McLaughlin:

It's a shocking figure and ... but I think, first of all, over €50 billion of it was to two banks, Anglo and AIB. And, secondly, that figure materialised over a number of years, it didn't appear overnight, and it largely appeared when ... it appeared for different banks at different times.

But, you know, the Government injected preference shares into the two, what are called now the two pillar banks, initially. Again under the assumption that the fall in asset prices which ... any fall in asset prices would not be as large as subsequently appeared. But the stress tests in ... the PCAR stress tests in 2011, which the Central Bank did, they deemed that the Irish banks needed €24 billion in capital at that time. And so ... because €64 billion appeared over a period of time, and secondly, two banks accounted for over €50 billion of it.