Mr. Frank Daly:

I do think, Deputy, if you are creating an entity which eventually was able to put over €30 billion into the banks and remove risk rated assets off the balance sheets of the banks and you put that €30 billion in, which is collateral that can be directly repo'd at the ECB, which gives the banks cash ... I think it is not unreasonable to think that that volume of funding going into the banks should have triggered some possibility of lending, of credit. As to why it didn't, I think it is a whole other story that maybe is one to explored with the banks. I do not think it is unreasonable to say that with that volume of effectively cash going into the banks that you could have expected some easement of credit.