Mr. John Corrigan:

Investors do not take us into their confidence to such a degree that they show us their credit analyses. It is a very general discussion which takes place in the context of what are their expectations. We are the ones who are selling and they see themselves as doing us a favour by meeting us in the first instance. As already stated, they do not owe Ireland a living and we constitute only a small proportion of the investable universe. It is our judgment that those who have invested in Ireland have, to a greater or lesser extent, priced in something regarding the promissory notes. A number of them will have priced in something for an ESM deal on the banks. In general, however, they would see that as being slightly more longer term because a great deal more ground work must be done institutionally to get the ESM into that space.