Mr. Kieran Bristow:

Direct investment is one where we are talking about shareholding in companies, where we directly hold the shareholding, or we can invest in a fund run by someone else which in turn owns a shareholding in a company. The main reason we invest in funds is to get value for money for the taxpayer. If we set up a bespoke investment ourselves, it costs more than investing in one that already exists. We have about €3.5 billion of the fund invested in those indirect vehicles. By our calculation about €40 million is in shareholdings in those companies. If we were forced to divest from that immediately, we would have to divest €3.5 billion.