Mr. Derek Moran:

I will take that from a different angle. The amount of the gross investment in those three banks was approximately €29.6 billion at the start. Over the years, in terms of sales of shares, investment income and fees paid by the banks, the State has got back approximately €19 billion of that and, therefore, the gap between what the State put in and what it has got back, is about €10 billion. The equity value of the three banks is currently approximately €2.3 billion, so there is a gap of €7 billion in terms of the State being able to recover the full amount of the investment. It is a question of strategy. All bank shares across Europe and the world have done particularly badly over the past two years. If I had attended the committee two years ago, I would have put a value on the banks' shares closer to the full €10 billion that is outstanding.