Mr. John A. Moran:

We could get money out quickly. Early on, the Central Bank identified that we may need as much as €5 billion or €6 billion in liquidity. We have disbursed €100 million and we are at the end of the crisis. That a really bad indictment of our schemes when we think about it that way.

We need to move quickly to get the money out. The fastest way is probably a very significant guarantee scheme that allows the banks and other lenders to get money out quickly. As Ms McCabe said, the problem is that getting money out as debt is not the answer either. Firms would be afraid to take on that money. The best way is to get the money out quickly as debt and then recapitalise it by doing a type of debt for equity arrangement. As the grants are disbursed, they could then be used to pay down the debt and firms would not have a legacy debt going into the last part of the recovery, where they would need more working capital to come through from the system.