Dr. Constantin Gurdgiev:

I showed the committee the table of estimates. In the case of Ireland, it is just around €14 billion, or €14.4 billion. It depends on the proportion of capital held by each central bank in the ECB. About 70% of the ECB capital overall base is covered by the national central banks. When one does the adjustment, the whole programme at current prices of the bonds is somewhere in the region of the €14.4 billion. However, it should be remembered that it is buying bonds in the markets, so it is paying market prices. As the price of bonds rises, the quantum of actual purchase will decline.