Professor Gregory Connor:

They were insolvent. I know Professor Patrick Honohan spoke on this. In his follow-up testimony, he said two of the banks were insolvent. Most of my work has been to simplify and provide an overview. I use the aggregate balance sheet. I net out the relationships between the banks and look at the overall banking sector. Although Professor Honohan does not say it, the domestic banking sector was insolvent on an aggregate basis. That is clear from the fact that we injected €64 billion into a banking sector which was then worth only €13 billion, plus a little bit of tier 2 capital.