Mr. Eoin Dorgan:

Direct recapitalisation was a Government policy matter at the time. The then Minister, Deputy Michael Noonan, said in 2016 that the process had been brought to an end. As Mr. Carville said, the returns achieved on the living banks would not justify the investment. As the then Minister said, the process for dealing with the promissory notes reflected the best outcome for the State at the time. A sales schedule has been set out, but it is a matter for the Central Bank to decide independently. It has stated it is committed to disposing of the floating rate notes as soon as possible, provided financial stability conditions permit.