Ms Ann Nolan:

It would be useful to take it from March 2012 when we did the deal whereby we paid the promissory note with a bond and made a repurchase agreement, repo, with Bank of Ireland. It became clear to us that there was no political appetite to pay cash for any of the promissory notes. It was clear that the ECB was not going to accept a further repo similar to what we had done. There was a €3.6 billion payment on the promissory note which was to happen every March for ten years. It was paid that March by issuing a bond from NTMA, which was given to IBRC, which was not in a position to use the bond with the ECB. It swapped the bond for cash with Bank of Ireland, and Bank of Ireland was in a position to go to the ECB to get cash.