Mr. Seamus McCarthy:

I might just come in on that point. As the assistant secretary has said, the set of related documents is extremely complicated. Again, to try to help with an understanding of it, we need to distinguish between the shareholder's loans and equity element, which the DDDA was putting upfront, and the guarantee figures and the percentages. One of the difficulties is that the numbers are similar but one is not necessarily talking about the same thing. We must be careful in going through the issue, as we set out in the report.

At the meeting of 24 October 2006, there was a reference to the exposure of the authority being approximately €29 million in shareholder's loans and equity, with an additional €7 million in recourse finance. That comes to a figure of approximately €36 million, but it is mostly the money the DDDA had to put up. In the outturn, what it ended up putting in by way of shareholder’s equity and loans was approximately €33 million.