Professor Patrick Honohan:

-----so I'm not sure that I would like to say that we overcapitalised the banks. The NAMA ... the subsequent NAMA calculations generated a further €8 billion of losses and in the end we put in another €17 billion ... so €8 billion minus €17 billion, €9 billion. €9 billion ... is the €9 billion justified? Actually, I think some of the €9 billion is definitely justified because the loan losses on residential mortgages will not come out as low as €5 billion.