Ms Mary Moylan:

It was agreed on 24 October that the cap would be €36 million, comprising an equity investment of €29 million and recourse financing of €7 million. In November, it emerged that the banks were seeking a greater level of recourse. Under that proposal, the authority's share in the recourse financing would increase to €26 million. This proposal was laid before the authority's November board meeting, at which the board instructed the executive to seek to have that level of recourse reduced, if possible. In the event, it did not prove possible.