Mr. Jeremy Masding:

I will not make a subjective response to that question. The facts are that the capital shortfall in the defined benefit pension scheme was €350 million, money we did not have. When preparing for this meeting I asked the team to quickly value the scheme if it were in place today and the capital shortfall would be €500 million. When one looked at the comprehensive assessment which still left us with a capital shortfall, the test for me was how I could keep the bank open and keep 2,300 people in work. Unfortunately, as a chief executive, sometimes one has to make choices and keeping the bank open and maintaining 2,300 jobs was of importance to me.