Mr. Feargal Ó Brolcháin:

The ESM has total subscribed capital of €700 billion and the paid-in capital is €80 billion. It uses this capital base as backing for borrowing in the financial markets. It borrows the money and lends it for programmes such as the one we had, although we did not have ESM money, or in this case for direct recapitalisation. It will not be taking the paid-in capital and lending it out; it will use it as backing in borrowing in the financial markets.