Mr. Kevin Cardiff:

-----and the difference between ... for the things that are important to us, in this conversation, the difference between the nationalisation and what it could do for us and the resolution was principally this question of whether you could burn bondholders or not, or depositors, but no one frankly, talked about depositors much. But if you wanted to burn bondholders, then, especially senior bondholders, then you have to talk about major constitutional issues that we didn't see a way around in, sort of, June 2008 and even in January 2009, even for subordinated bondholders, there were obstacles, both market and legal. So, you know, this idea that there was a magic solution in the SRR system, it, it's not fully tenable. It might have been a useful set of tools, but remember what SRR legislation does, usually, is it produces a set of tools. What we had on the night was a set of tools, many of them the same kind of things. The big difference is in how you share the burden. And that's really important but it wasn't a decision that was coalesced on that night. Those decisions coalesced over time. It wasn't even the most urgent of decisions that night, because some of the issues about burden-sharing were addressed later and, you know, were capable of being addressed later.