sentences:  Sinn, in his rejoinder, showed that the TARGET balances represent the shift of refinancing credit to the crisis-stricken countries, representing thus the claim on the interest returns from these countries.Eliminating the TARGET balances would thus entail a real loss of resources amounting to the present value of this interest income, which is reflected exactly by the amount of TARGET claims.This loss would result in a smaller transfer of Bundesbank's revenues to the German budget and, should the situation arise, in the necessity to recapitalise the Bundesbank through increased taxation.