Brian Lenihan Jnr (Dublin West, Fianna Fail)

No; I am referring to the information at my disposal about the derivatives of Anglo Irish Bank which required the posting of collateral in the event that the derivative was out of money, which is what Deputy Burton is talking about. In that case, the derivative becomes a liability. That collateral is netted against the State's exposure in the event that the guarantee is called in. Let us take as an example, for illustrative purposes, the week ending 31 December 2010. In that week, the maximum net exposure of the State to derivatives, assuming the guarantee was called in - which is was not - was less than €10 million. I have every confidence in the current management and board of Anglo Irish Bank. They are doing their job, and the approach taken in this matter was essential to stabilise the institution.

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