Professor Patrick Honohan:

This is a good question. I am glad the Deputy has asked me it. The first thing I want to say is that BlackRock has been involved. We engaged it at an early stage before we made the decision to delay this exercise. It has been closely involved in validating our methods. Much of what we once had to get external interests to do is now being done in-house. BlackRock has been working with us on this matter. This phase, which is the first of three phases, is not the high end part of the work. We are not relying on these particular consultants to deliver the final result for which we are looking to see whether capital is needed. This part of the exercise involves basic data validation and backward-looking provisioning. I ask the Deputy not to worry because BlackRock and similar institutions are involved and will continue to be involved in the overall validation of the exercise.