Mr. Michael Moriarty:

The EU adjudicated that in fact there was state aid to the extent of €6 billion in what we paid. We sometimes make the point that when people are judging how NAMA is performing and make that judgment against the €32 billion figure, in fact that €32 billion is inflated by €6 billion in terms of the long-term economic value adjustment. We are talking here about the 2009 valuation plus this long-term economic valuation. This was to be seen to give some value to the banks and not take them at what was hoped to be the lowest point. Indeed, it did not turn out to be the lowest point.