Mr. Frank Daly:

I wish to comment on the €74 billion. The €74 billion is what the developers got from the banks by way of bad lending and bad borrowing. It was never realistic to expect all of it to come back. One cannot start with NAMA at €74 billion because that was before we were even a gleam in anybody's eye. We started with what we paid for the loans, which was €31.6 billion. We overpaid because €5.6 billion was state aid and when we deliver a €3 billion surplus, the €5.6 billion should be added on from a technical point of view.