Mr. Cormac Butler:

Everyone was taking a full hit even though it looked as if a profit was being made on the sale of the loan. Consider a situation in which a commercial bank sells a loan to a vulture fund. That bank might have a portfolio of €1 billion in loans. It sells it to the vulture fund for €600 million. There is clearly a loss to the bank. What the bank can do is bury that loss in reserves, under IFRS 9, so the bank does not have to state that it has made a loss.