Professor Gregory Connor:

Absolutely. One does not provide a blanket liability guarantee unless one is 100% sure that one of the banks is insolvent. One provides a blanket liability guarantee because one is 95% sure that it is not insolvent. It is exactly the opposite position. One does not provide a blanket liability guarantee because there is only a 90% chance of insolvency; it has to be the opposite. It was very risky.