Mr. Brendan McDonagh:

No, it was a combination of things. There were two loans we had acquired from the banks for €18 million. When that information was relayed to the independent business reviewer, it was not stated that we had paid €18 million for them. The independent business reviewer assumed they had been acquired for zero, because it thought they were equity loans as opposed to first charge loans. It put them in at a value of €2 million rather than €18 million, so that was a difference of €16 million.

As for the personal loans of €9.7 million, we always knew we had acquired them for €9.7 million. If €16 million is added to €9.7 million, it is close to the €26 million adjustment before the 15%.