Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

To recap briefly, with regard to the €36 million of direct equity holdings in the global portfolio, there is no direct barrier to disposing of those and the transaction costs are minimal, of the order of approximately 0.7%. Regarding the debt instruments, there is an average maturity of about three years remaining so those will be extinguished at that point anyway. With regard to the pooled funds, I understand that is more complex. There are €3.5 billion of pooled funds, and within that Mr. Bristow has identified approximately €30 million that currently would meet the definition.