Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Can I go over again the question of whether INBS was solvent in September 2008? And if I could refer to the Goldman Sachs report that was done into INBS. This is in documentation that has been many times in front of the committee but we have it up in front of us there, Mr. Purcell. And if you see that line of the total loan book, €11.7 billion, and then their mark-to-market analysis going from 69 ... best mark 69% of the loan book to the worst mark 42%, which equates to €8.1 billion or €4.7 billion worst. Quite clearly on those figures, INBS was not solvent.

And if I might then refer to a similar diagram from Merrill Lynch, presentation to the National Treasury Management Agency, 26 September 2008, and then on the right ... top right-hand side, Mr. Purcell, you’ll see their summary is INBS has €11.7 billion of loans, "Writedowns of 30% – 60% results in an impairment of €3.6 bn – €7 bn". In other words, figures remarkably similar to Goldman Sachs'. And then the very next line is the liquidity of €3 billion to the end of 2008. On that basis, INBS is not solvent. Now how can you square these figures, plus the concerns that emerged about the liquidity, as opposed to what Mr. Fingleton and Mr. Walsh have assured us?