Mr. Bernard Byrne:

It is not the way I look at the world. We have to look at the value that exists now. AIB is a valuable asset, to a degree that I do not think people would have expected when this was discussed in 2014. We are at the point where the combination of the value received already and the market value that is implicit in the State's 71% share is in excess of the total amount that the State put in. At that point in time, we would not have collectively thought that this would be the situation in 2018. The value realisation comes from having the listing as opposed to not having it. There is always going to be a point at which the listing process must be undergone. Markets go up and down. I do not subscribe to the idea that there is a straight line process by which value will always grow as a result of market positions.