Mr. Derek Moran:

In terms of scale and magnitude, there is nothing quite like this. I do not think there has ever been a state aid case across Europe where €14.3 billion has been recovered. This is one of the reasons that use of an escrow and having that negotiated between the State and the company and approved by the Commission became so important. If one simply placed €14.3 billion on deposit at negative interest rates rather than put it into a fund that will be managed by agreement across the parties, the State would be looking at very large cashflow losses in the short term. This is an exceptional amount. I do not think there has ever been anything of this level. The reason that we use an escrow is that the money goes in, it is managed against an investment and whatever is left, whether there is an increase or a decrease, settles the full amount, rather than put all the risk on the taxpayer.