Dr. Jim Stewart:

We have to remember these funds have been raised. They are then handed over to the Russian entity and, perhaps, the debt has been repaid given the structure is often one of rolling debt. The assets of these firms amount to about €35 billion and not all of that will be owned by sanctioned firms. It might be possible, therefore, to seize some of those assets but those assets largely comprise funds they have lent to Russian companies. The net cash held by these firms is very little indeed; there would be nothing to seize. If we decided we were going to freeze the assets, there would be nothing to seize. There are few assets in Ireland or, indeed, elsewhere. The assets comprise loans made to Russia and that is financed by loans made to the conduit, or Russian firm, in Ireland.