Mr. Brendan McDonagh:

What we had to look at was the 30 June position, which is when we do the mid-year assesssment of our impairment. We took a very conservative view whereby values stayed where they were at on 30 June 2014. Account was taken of provisions to date, which was still substantial at €3.6 billion down from €4.1 billion at the end of 2013, and we looked at the remaining assets to sell and the timeline in which they will be sold. We had to take account of the additional funding to be invested in certain assets to build out and recover the money and, as such, it was quite a straightforward calculation. When one adds up all the pluses and minuses, one ends up with close to a €500 million surplus. The board would not countenance a view that I or my executive team would engage in speculation that prices will increase by 5%, 10% or 15% from where they are. If that happens, the surplus line will increase on the remaining assets. However, what one looks at is a point in time and the result if one had to sell everything then and achieved the current prices. That is how the surplus is determined.