Mr. Stephen Groarke:

I will take that question. The Deputy is right that there is a €4 billion investment in the Permanent TSB group and we have repaid €2.6 billion. That is made up of €1.3 billion from the sale of Irish Life, €0.5 billion from redemption of contingency capital and a further €0.8 billion from fees and interest. The answer to question No. 17 is not like for like. We acquired those NAMA bonds in association with a deposit book which we took on. In taking on those assets, the NAMA bonds, we also took on liabilities. That is not a net investment from the State, and it is not appropriate to add that to the other investment. Effectively, the State gave us an amount of NAMA bonds and almost exactly bonds to date with deposits from another institution that was being wound up at the time. I would not add the numbers in question No. 17 to the earlier numbers.

In terms of repayment to the State, the additional piece is that the State also owns 75% of the group. At this morning's share price of €2.66, that is worth €900 million to €1 billion. That is a further potential contribution to the repayment of the State's investment. As Mr. Masding said, it is at the Minister's discretion as to when he wishes to do that.