Mr. Kevin Cardiff:

I can say it in two sentences in that terms. One sentence - not on the night.

They were not insolvent on the night so far as we knew, in accounting terms. We knew that they were property-based banks at a time when property prices were falling. We, we knew, and I said explicitly, that Merrill Lynch are saying that the Anglo business model is not sustainable into the future. Not saying that they were insolvent, or going to be, but they would not be able to do the same kind of business in the future as they are now. They had, therefore, a real business problem. And, we knew, and said explicitly ... I said explicitly that look, if you do a broad guarantee now there is no choice, not that there was much choice anyway, but there will be no choice but to sustain these institutions, whatever happens their capital position.