Mr. Brendan McDonagh:

At that point, on the night of the guarantee, the Government had decided to guarantee the liabilities of the banks and they also ... these banks had 100% owned overseas subsidiaries who had issued debt and if these overseas subsidiaries didn't have the money to pay back ... weren't guaranteed and didn't have the money to pay back the things, that the money then ... then there would have been a recourse back to the main bank operating here so it's purely a legal, technical mechanism.