Michael D'Arcy (Fine Gael) | Oireachtas source

Okay. Page 17 of your opening statement, "Pace of bank deleveraging versus disposal cost", Mr. Chopra. You state that:

A central issue was almost €160 billion of ECB financing, of which more than a third was [ELA]. That size of funding simply could not be obtained by asset sales or credit enhancements using program resource.

Could you address the issue of the deleveraging ... the bank deleveraging versus disposal costs? Because there is a concern at the moment that assets are being sold ... assets are being sold and bundled and are being purchased by very large equity funds. They are keeping them for a short period and flipping them, and having their profits, and yet the Irish taxpayers - as other members of the committee - are the people who are effectively being short-changed. Could you address that matter for me please?