Mr. Bernard Byrne:

As chief executive officer of AIB, I will give a position. During the early part of this year we went through an intensive process to market the institution to international investors. Between ourselves and the advisers appointed from the various investment banks, there were 1,400 individual meetings with international institutions. Some were double up meetings at which they might have met us and a broker. Many of the meetings were with just one person, but some of them might have been attended by 100 people. There was a huge marketing campaign throughout Ireland and in AIB because one would not buy AIB unless one liked Ireland and one had to like both to participate. There was a great deal of interest and we were pleased the initial public offering, IPO, at the back end of June had seen its way through a lot of turbulent activity. The stock and markets have since performed well, which has been positive. My commentary generally is that these processes come and go. If there is a market and a willing investor set that understands the story now because stories change over time, it is often opportune to take advantage of it. The State has a long-term objective of exiting. As of close of business last night, the total value of cash received, plus 71% of the market value, equated to €20.8 billion, which people would have said was fanciful a few years ago when we sat in this room. We are at that position at this time. I cannot tell the Senator what will happen next regarding valuations, but there is an opportunity which looks attractive. Investors understand the story and have an interest in it. They like Ireland.