Joe Higgins (Dublin West, Socialist Party)
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Mr. Cardiff, can I turn and revisit, as briefly and as concretely as possible, the issue of the solvency of the Irish Nationwide Building Society on the night of the guarantee? Now, last week we looked at a meeting on 7 September of the regulator and the banks where AIB and Bank of Ireland said, "INBS was insolvent". We don't need to go over that again. But, I wish to look in the evidence at two instances which I would put to you would say that clearly INBS was insolvent. So, if we take Doyle, first of all, because this not in your core documents, Mr. Cardiff, but Doyle, Vol. 1, page 163, which is the Goldman Sachs analysis and you are probably familiar with this, anyway, Mr. Cardiff. But, page 163, total loan book of €11.7 billion, then mark-to-market the best mark of 67 ... 69.1%, worst mark 40%. So, giving a situation where a potential loss from €3.6 billion to €7 billion, which is quite a spread, no question about it, and in page 152 of the same document, total regulatory capital of INBS is put down as €1.8 billion. So, on that basis, INBS is clearly insolvent. If I can move forward quickly then-----