Professor Patrick Honohan:

It actually got cash. It got additional cash from the new shareholders. They provided more cash. PTSB has an additional liability on its book, which is equity, and it has more cash. If one looks at its assets compared to its liabilities other than equity, it has a bigger cushion. There is no smoke and mirrors. It is a real increase in its capital. It was not something chosen by PTSB; it was something mandated for it by the ECB. The ECB is demanding higher capital standards for all of its banks, and the other banks already had enough of a cushion so they did not need it. It is a real addition of capital.