Mr. Kevin Cardiff:

Morgan Stanley ... basically, myself, Brendan McDonagh, John Corrigan decided that we needed this kind of advice and between us we decided that I should approach, and I did approach, Morgan Stanley. Morgan Stanley pulled out. They did really good work for two days and then pulled out for potential conflict of interest reasons and then the NTMA, Dr. Somers, decided to have ... to approach the chairman then of Merrill Lynch - I think his name was McDonagh - and he ... he arranged for Merrill Lynch to be brought on board. So there was a general view that we needed advice. There was my initiative, followed by Dr. Somers's initiative, followed by a team. And then, at that stage, it was all sort of formalised in an email from me on behalf of the Minister directing them to give us advice and to take on external advisers and feed back in.