Mr. John Moran:

The way in which ... I mean, I, kind of, refer it to in my written statement and, I think, actually Kevin, because I saw some of his testimony this morning, would've referred to it as well ... our approach - and to his credit, he would have had lead that Department at that time - was one of building up a level of trust with the troika partners -sharing the problems, understanding where we're going and figuring out what, frankly, we might do differently. The bailout was discussed in an element of secrecy, less people involved, less thinking about it. As I said in my own statement, people were learning, right? You even get ... a couple of months down the road, you start rerunning the numbers, you start looking at it. We knew how much the PCAR was going to be, we knew how much we were putting into the banks, that meant we had a credit of €10 billion we hadn't used that we might ... thought we might have used. You rerun the numbers, you say, "Jesus, this is ... we can get here but were not going to get here easily and why don't we actually ask for this recovery?" Part of the process is actually building up credibility. If we had gone in on day one looking for that, I don't think we would have gotten it. Once we had done the PCAR, once we had actually ... not burden shared with the Anglo ... banks, right, then you start to build up a relationship with your lenders. And you build up an openness, while at the same time, politically, and indeed with .. the staff, Jim O'Brien and the others, they were reaching out to European capitals across Europe, trying to build friends because what happens is you have 18 people making a decision.

And if you have all 18 on your side, you get a change. If you have all 17 against you, you don't. And so, you know, this comes true. The reality was is that the crunch point that year, if I can recall it correctly, was around the Greek situation. But part of it was that the seeds had been sown from here. We'd spoken to Portugal. They knew it as well. They were having the same conversation. So this revelation, if you want, or the mist, the fog slips over this issue, and suddenly people say:

That's helpful. Now, what can we do to help out Greece? We can do that but we can't do that without actually giving it to the people who were talking about this for the last couple of months anyway.

And everybody benefits at the same time.