Mr. Michael Torpey:

From memory, there were capital markets transactions to raise money on the international side that had been approved by RBS Group for Ulster Bank to undertake specifically a securitisation transaction to raise funding. The appetite of capital markets late in 2007 for such transactions had diminished to a point that the economics of doing such a transaction were not attractive and the view taken in Ulster Bank when I was still there was that the transaction contemplated would be deferred into 2008 rather than do it at the price obtaining at the time. And, Deputy, I think that informs a lot because it describes an expectation internationally, if I use RBS Group as the international benchmark, that we were in a temporary liquidity crisis, not in what was going to lead to a sustained-----