Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Sure, okay. You said in response to Deputy O'Donnell just a moment ago that the overall net cost of the banking crisis will effectively be the money put into Anglo Irish Bank. Can I just ask you your view on some of the work that was done in Project Atlas by PwC? I mean, for example, in February 2009, they produced a summary report of three previous reports that they had conducted into Anglo Irish Bank and they projected what the capital position of the bank would be on the various loss scenarios and they reached a conclusion, for example: "Under the PwC highest stress scenario, Anglo's core equity and tier 1 ratios are projected to exceed regulatory minima, (Tier 1 - 4%) at [end of] September 2010 after taking account of operating profits and stressed impairments." Now, when it actually came to September 2010, the losses in Anglo were almost €30 billion, so how can you rationalise that conclusion in early 2009 with the outcome of a loss and a bill for the taxpayer of almost €30 billion in September 2010?