Mr. Cormac Butler:

It is automatic. Once they agree to the restatement, they will have to look at instances where they borrowed money from the ECB while they were insolvent and restate their capital. In theory, they would have tp go back to 2005, but there are much easier ways to deal with it. The first thing, however, is getting an admission that the published accounts might not be correct and then looking at the consequences. If the published accounts were not correct, it follows that the repayment of the promissory notes was not necessarily legal. It follows that the subsidies given to the vulture funds would come out into the open. Therefore, there is the question as to whether the vulture funds should have become involved in Irish operations. Regarding people who have suffered such as small business owners who have seen their businesses collapse, it will be obvious for what the assets were sold for whether the bank made a profit on those transactions. One will, therefore, be able to see the conflicts of interest.