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

In terms of loss recognition, the bank has provided for a loss of close to 50% for the Project Glas portfolio. If it sells the entire portfolio as it is at a haircut or discount of less than 50%, it would be releasing a profit back into its income statement. If it sells at a haircut or discount of more than that figure, it will be booking an additional loss. Is that correct?