Mr. Brendan McDonagh:

I will answer that question. I would love to sit here today and say the underlying collateral in the €1.9 billion of loans was worth €1.9 billion or more but it is not. Typically, the value people paid for the loans is the value of the underlying collateral. In those instances, the buyer of the loans pays us. Hypothetically, in the example of the €100 million par debt loan Deputy Pearse Doherty gave, if we bought it for €40 million and sold it for €41 million, that is effectively the value of the collateral today and what one would get if one sold the underlying collateral. If we sell it to a third party, such as a private equity house, the third party will decide about whether to continue with the borrowing and trying to get the rest of the money back if the debtor has it. The reality is that the debtor does not have it. Once one sells on a contractual position, one cannot control what someone will do with it. Our preference is to sell loans but, within the loans sold for €1.9 billion, where the loan is a par debt repayment, par debt is what one gets back. Our preference is to have a process whereby loan sales are exposed to the market and people bid on it.