Brian Lenihan Jnr (Dublin West, Fianna Fail)

I will endeavour to answer the Deputy's question and she can issue any statement she likes afterwards but I am entitled to answer the questions she asked. To date I have only been able to give partially complete answers because of a lack of time.

The Deputy pertinently asked how much actual cash will be required for the proportion of the total capitalisation. It is not possible to fix a precise cash figure because, as I indicated in my initial reply, it is proposed to conduct a liability management exercise with subordinated bondholders. When those subordinated bondholders take whatever pain is inflicted upon them, it will have a material bearing on the amount of cash involved. In addition, the amount of cash is further reduced by the fact that part of the capitalisation is being executed through the conversion of the existing preference shares to ordinary share status. Clearly the investment in the existing preference shares has already been made and those shares will be converted to ordinary risk capital as part of this publicly owned institution.

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