Mr. Rónán Hession:

It brings in €150 million a year. There is another more esoteric argument, which is an honours level point and probably beyond my expertise. The banks have a deferred tax asset which obviously plays into their value. When shares are being sold in a bank, there is an argument that it brings forward the benefit of the deferred tax assets for the State. In other words, rather than wait for the tax revenue, the banks have a valuable deferred tax asset for which investors are prepared to pay now. That is really a point on which banking experts are more qualified to speak, but it is relevant in considering the balance between the public interest and the policy choice.