Mr. John Moran:

I am not equipped with the numbers or hours. I wanted to make the point that we can sometimes analyse the cost of doing things. The Deputy should bear in mind the reason I started by making a statement. It is important we maintain a balance. I agree the committee should have the information, but it is important we maintain an analysis around the cost of exercises that is in some perspective to the job that is required to be done. This exercise was one which done badly could have resulted in significant costs of billions of euro for the taxpayer. Done well, it has resulted in no additional exposure for the taxpayer and will likely pay out to some of the extra creditors who expected nothing.

I will send the committee more work on the specific analysis, but we were not prepared for that coming here today.