Mr. Bobby McVeigh:

Those are very good questions. I had expected them sooner. We came into being in the latter part of 2012, and we became legal on 1 January 2013. As my colleagues can attest, the board was starting from scratch. We had no staff, apart from a few seconded staff from the Department of Finance and the Central Bank. We had to put everything in place, from policies to procedures and so on. There was a gap in getting into the restructuring component.

The Deputy is absolutely correct about what we have drawn down. We are incentivised, voluntary and time-bound. Being voluntary is a curse and a blessing. It would be nice to say this, this and this, but that is not how it works. I have already communicated to the Minister that we are now making a complete assessment of what we have in the pipeline for restructuring, what the potential is and what the costs may be. I have notified him of this and he replied on 9 December and is waiting for us to complete the assessment to deal with it. I can say without qualification that a large amount of that fund will not be used in restructuring.