Mr. John Hogan:

I will address this question first, and then I will let Mr. Carville take over. When we invested in the three banks, namely, the Bank of Ireland, AIB and PTSB, from 2009 to 2011, a total of approximately €29.4 billion was invested.

Up to 8 April, the date on which the current Bank of Ireland trading plan was extended, some €19.8 billion had been recovered in cash by disposal, investment income and liability guarantee fees. On the investment made in the banks at this particular time and where we are now, the divestment has probably gone a little slower than we might have anticipated. Things have moved in a particular direction in markets over the past number of years that were not particularly favourable but we have managed to divest. I think the most recent one was 2017 where approximately 25% of the shares in AIB were divested. We have taken the opportunity through the Bank of Ireland trading plan and the AIB trading plan to make divestments in a controlled way over the past while. The buyback this morning is a kind of commercial and market decision taken by the bank. It will have some benefit for the State itself.