Mr. Brian Hayes:

I will make two points, the first of which is that 14% of the adjustment, and I know this because it is an indelible mark on my mind because I was there at the time, was to do with bank debt. The remainder - 86% - was to do with the difference between tax and expenditure in the Irish economy at that time. Without the support of the Irish taxpayer, the banks would not have survived. It was the absolute responsibility of the sector to deliver that funding back and the remaining bit that remains. However, we are not going to help the public shareholding position and the valuation of those shares if we continue to have an unlevel playing field. That is my point.