Michael Noonan (Limerick City, Fine Gael)
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There is positive as well. I am providing context. AIB has a value also. It has been valued by the National Pensions Reserve Fund at approximately €11 billion, which is against an input by the taxpayer of slightly in excess of €20 billion. Its independently assessed value is approximately halfway there. My point is that while circumstances have changed, we have succeeded in the negotiation of the rules and regulations of the ESM in keeping in place the power to retroactively recapitalise banks under the regulations.