Mr. Frank Daly:

You have to take the view, Deputy, if the banks had been paid less by NAMA, and we didn't have really much say over what was actually paid to the banks because the valuation regulations were the valuation regulations, okay, at November 2009, including a long-term economic value uplift and all of that, which is in the draft regulations which are in the core booklet. What we're saying is that on top of everything that NAMA will repay, we will make €1 billion of a surplus. Now, if NAMA had paid the banks €10 million ... €10 billion less, the reality is that that money would have had to be put into the banks anyway, you know, they would have had to be recapitalised. So you really ... and that's all coming ... still coming from the taxpayer.