Mr. Kevin Cardiff:

You could make the proposition, Chairman, but I wouldn't see the point of it, I mean, in the sense that it doesn't have any special meaning. The fact was that the Irish State did access funding and, as it turns out, it was not insolvent, it was able to meet all its obligations and, therefore, the banks were not insolvent at the time. But it was not an unreasonable concern of the ECB to be coming to the Minister and sending him a letter saying, "Actually, look at what's going on. We are concerned about the solvency of the Irish banks, who owe us a lot of money and we're concerned, in part, because they are relying on your solvency and you owe the world a lot of money."