On 31 March the Central Bank published full details of the capital requirements for AIB, Bank of Ireland, EBS and Irish Life and Permanent. In their Financials Measures Programme document they provided a detailed breakdown of the calculations that underpinned their €24bn capital requirement which they identified for these banks. In arriving at this €24bn figure, the Central Bank indicated that a loss of €13.2bn had been allowed for the cost of deleveraging loans. This cost represents the impairment loss associated with loans that are scheduled to be sold over the 2011-13 period, net of provisions taken,and for clarity included a loss for so called NAMA 2 exposures, or those land and development loans in AIB and Bank of Ireland with a value less than €20m that were to transfer to NAMA. I should point out that this €13.2bn cost is not the exact capital impact associated with these disposals and as such is not directly comparable with the €24bn capital number identified for the banking system. There are certain accounting adjustments for risk weighted asset relief etc. that must be implemented before the strictly equivalent capital figure can be determined.