How to remove personal data from PS3?

I've decided to get rid of my PS3 by donating it to a younger brother. This means that I want to totally purge all data on it such as user accounts, save games, credit card details and the like before I give it to them. (I love my little brothers but they aren't getting my credit card number or owt). Is this possible? Does Settings > System Settings > Restore PS3 System option actually do this?

I did look for other questions before posting this one but they all seemed to be about removing user accounts and not the whole thing.

The PS3 can reformat its hard drive. Reformatting the hard drive will erase everything on it except system software which you need. You don't need any special hardware for this- just the console, the hard drive and time.

The format utility is found in settings-> system settings. From there, follow the on-screen instructions.