Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

So Merrill Lynch is coming to the conclusion at the night of the guarantee or just before it, that extreme stress case scenario, INBS's capital is nearly entirely extinguished. In relation to Anglo Irish Bank, they say: "If one was to apply INBS stress case scenario [to] the writeoffs ... would [by] deplete ordinary shareholders in the lower category subordinated debt of €7.5 billion". Now, Anglo Irish Bank had about €9.6 billion, €9.7 billion of capital available at the time, so it would have depleted about what? ... about 80% of its capital and left it very close to insolvent. Was that your assessment?