Mr. David Doyle:

The perception was that the need for a capital intervention wasn't there. There were reservations about nationalisation but not total; it could have been contemplated. Was that going to make things any different for Anglo, or Nationwide, vis-à-visthe guarantee? Not really. The guarantee was going to ... was saying the Government is going to stand behind them. The nationalisation was going to say the Government is standing behind them. In terms of the impact on the budget and on economic activity, in the short term, it wasn't going to be significant. We know that in later months, and moving down ... moving down the road there were major issues in relation to capitalisation requirements which had significant budgetary implications. The big fiscal problem ... yes, the capitalisation was one and the debt that ... the net debt that arises on foot of that was truly shocking, but the big fiscal impact was first of all the collapse in the international ... not the collapse in the international economy, a significant downturn over two years.

And then, the huge drought in domestic confidence, big increase in the savings ratio, a massive shake-out in employment. All of that accelerated after the period we're talking about. But the-----