Mr. John Corrigan:

The precise saving will depend on a number of factors. First is the quantum that is extended. Second is the period for which it would be extended. Third is the rates at which it would be extended. Any savings at that stage would be by reference to what we would borrow at that point. To use an expression I used earlier, there are several moving parts. Certainly, it would be positive. It would reduce the amount of paper we would have to issue in the commercial markets. I note that we have a European financial stabilisation mechanism facility maturing in 2015 in an amount of €5 billion. For openers, if we got an extension of that, it would reduce what we would have to come to the market for by €5 billion. Intuitively, we expect that the EFSM could borrow at lower rates than we could. There would be savings but the savings would depend on the period for which the facility is extended. I understand that proposal is going into an officials group for discussion in Brussels.