Mr. Tony Murphy:

The issue is a bit different from the Cathaoirleach giving €1,000 to a guy on the street in that these loans are all backed by the member states. That is the security. There is a guarantee. I understand the Cathaoirleach’s point. In addition, there is a provisioning mechanism in place. For the €33 billion, I think there is a provisioning of €2.5 billion or similar. It is like all EU loans, even those that go through the EIB. There is a provisioning there of 9% or 8% and if the rest needs to be called up, the member states have to pay. That is the mechanism. It is officially given as a loan even though, as the Cathaoirleach said, the likelihood is that it will not be repaid. However, until that decision is taken, we can probably refer to it in a note in the accounts in terms of the risk. This is why we highlight the fact that the risk of exposure to Ukraine has doubled. We are highlighting these issues to make sure that, down the road, this does not come as a big surprise to everybody.