Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

Can I just go back to the ... by the end of 2013, €64 billion in the six financial institutions, can you comment on the capital adequacy of the Irish financial institutions, risk over-concentration in property and land and development, arrears identification, interest roll-up? And, in your PwC report, you stated that - this is core document Project Atlas 1, Vol. 1:

The latest available capital information for the Banks shows current core Tier 1 ... ranging from 5.9% [in Anglo] to 8.6% [in Irish Nationwide] ... at 30 September before any stress testing or scenario analysis ... The table [below left] sets out the Banks' estimated capital ratios and risk weight[ings] as at the 30 September.

The table on the right sets out State investment. So, I suppose, the question is, how do we get from a point with Project Atlas 2 ... Project Atlas 1 ... that you were saying that the banks had ... would have sufficient core tier 1 to absorb any losses? Take ... and I am factoring into that the lower core tier 2 that's required - I think, it was at 4%; it went to 10% in future time periods. Even with that situation, how do we get to a point where €64 billion went into the six covered financial institutions?