Mr. Eugene Sheehy:

There would have been ... I have some notions of what might have happened. There would have been a credit downgrade of all Irish institutions. There would be a systemic mark on Ireland which would have made funding much more difficult immediately, even with a guarantee. There is no doubt about that in my view. But the market would, I think, then have said there is a problem in Ireland and they are addressing the core of it, there would have been a distinction made in due course. It may have taken a number of weeks for that distinction to be accepted by the market.