Mr. Niall O'Donnellan:

Compared to comparable VEC portfolios, we reckon it is roughly in the middle. Our broad conclusion is that it is on par with European VECs of the same size. We think it is a reasonable performance. It is also positive in the sense that since commencement of the agency, we have invested a total of €590 million and the return from that portfolio has been approximately €450 million.

We have got back about €450 million from that portfolio. We also had some equity from the previous agencies and we still have in net terms about €150 million in equities. The market value of that is significantly higher. We think we are certainly on the positive side in terms of our direct-equity portfolio.