Mr. Kevin Cardiff:

-----the plan though, the actual practical implications were different. You can't just do it. You can't just nationalise because bond covenants have change of ... change of control clauses - some of them. And if you change control, you might create a default on a particular bond. And if one bond default ... defaults, they all default. That's just one example. There are a few little steps you have to take before you can nationalise. All right, we thought four days, five days.

So, in the meanwhile, on that morning, the plan was ... because we'd worked this out for Nationwide, the plan was a set of directions from the regulator to the bank saying, "Here are the things you must not do in the next few days while we prepare for your nationalisation", including things like ... now, I'm not saying they would have happened, but including things like moving money around, entering big new deals, those kind of things - keep the business going but nothing new. The next day someone from the regulator would have turned up in the bank and would have been ... in effect, have ... have had to be there and with an instruction saying that "You don't do anything big in the next few days without consultation with me." There would have been a team then from the regulator probably ... would have to be in the bank within two days. The biggest problem of all was we would have had to find a new chief executive within about five ... and we had a list. We knew who ... who in Ireland was not running a bank at the time who had run one before and we had some phone numbers and so forth but that would have obviously been a controversial decision because, at the time, there was a view that no ... no one who had ever been in an Irish bank should run an Irish bank. So that would have been difficult. But there was ... there was a process of legislation ready but also a good deal of thinking about what the steps would have to be. It would not have been pretty but it could have been done in four days.