Mr. Simon Carswell:

No. I do not think they would have let the Government allow the burning of senior bondholders because of the contagion effect across all of the banks. If you go back and look at what was on the table at that point, there was money - I cannot recall the exact figures - senior bonds were due by Anglo Irish Bank. Because it was a defunct lender, obviously in the world of capitalism it should follow that those people should not be repaid because the bank is bust. When the attempt was made to apply losses on senior bondholders it was like, "You cannot do that. There will be this contagion effect and all of your banks will be affected". The ability to raise bonds and money as a result of that decision would be damaged.