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IT WAS billed as the day on which the State would finally draw a line under the cost of restructuring the banks. In the end it was more of an update, with the bill not yet tallied and no indication as to when it will be ready. On the credit side, the amount that will have to be put into Bank of Ireland and AIB may be billions of euro less than forecast if the two institutions can sell assets. But that was counter-balanced by the remarkable and unexpected disclosure that the bill for Anglo Irish could be some €10 billion more than anticipated.

The net effect is that the National Asset Management Agency (Nama) remains a work in progress, albeit with more clarity around key issues such as the price it will pay for the loans it is taking on to its books and the capital requirements of the banks.