Mr. Cathal Sheridan:

The bail-in occurs in the context of the single resolution mechanism, and as part of this intergovernmental agreement. We then move to the use of the resolution fund when 8% of the total liabilities of the firm have been bailed in. I will explain how it operates. The first call is on the national compartment of the affected member state. This is done to absorb further losses. If there are still losses to be absorbed, we move on to the mutualised elements.