Mr. Richard Burrows:

Most certainly not. That morning all that had happened was the announcement of the guarantee, which certainly had the desired effect of stabilising things - albeit on a short-term basis. And in my opening remarks I ... I made the point and I ... I just reinforce it, that the guarantee on its own was not a magic wand. Given the severity of the situation which was unfolding, it was necessary for recapitalisation and NAMA as component parts.