Brian Cowen (Laois-Offaly, Fianna Fail)

That was the position. The fact of the matter is, thankfully, Bank of Ireland has raised capital on private markets which has saved the taxpayer that consideration.

This report will be published. It will set out the situation and the central projection. I am outlining the factual position and the other scenarios. The report is simply making those scenarios available to the public so that people can see over the next ten years what the variation in projections will be. The important thing for taxpayers to know in respect of the NAMA operations is that were any losses to emerge after this ten year process, these issues are subject to levy and there will be a surcharge on the banks. That will go back on the banks' liability as far as we are concerned.

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