Mr. Fergal O'Brien:

It is. It is a function of an economy that has probably been performing quite strongly, in addition to scarring effects from previous downturns and the financial crisis. We have never seen that recovery in credit to what we had prior to the financial crisis. For many companies, it will now be absolutely essential they have the liquidity supports, given the type of cost pressures that are coming at them.

But we have all the tools in our armoury. We have learned so much during the financial crisis and then during Covid-19 and there also are some schemes that we designed for Brexit. I think that we have the full design of measures and it is just a matter of putting them to work. Crucially, however, for a lot of companies, loans and debt will not be the solution to get them through this because the scale of the energy cost will be so high that they will need some sort of subvention as well.