Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. And, Mr. Burrows, in 2005, in your opening statement you say when ... on your appointment as chairperson in 2005 ... the bank developed a new strategy and you go on to say that its "correct geographical footprint for Bank of Ireland was Ireland and the UK and these should be the areas of focus for growth and we also recognised that Bank of Ireland did not have a rating that would allow us to undertake mergers or acquisitions and therefore, we would have to rely on organic growth in existing markets which [we were also] ... were also expanding markets." What does that mean for the bank in 2005 ... that it didn't have the rating to undertake mergers and acquisitions?