Stephen Donnelly (Wicklow, Independent)
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The delegation is very welcome and I thank them for their time. I thank Mr. Masding also for taking the time to fill out the questionnaire ahead of time, which is very useful.

Can I start on the stress test? The piece that was failed by Permanent TSB suggested for the end of last year's accounts a shortfall of €855 million under the extreme scenario. Mr. Masding has made the point that about 80% of that has been dealt with by now. Am I right in thinking therefore that if the stress test was re-run today - 20% of €855 million is €171 million - the extreme test would find the bank out by about the latter sum? Is that what Mr. Masding means by saying they have dealt with about 80% of what the ECB found?