Mr. Kevin Cardiff:

They're judging the balance of advantage for themselves, as well as for us. And there was a genuine, I think, a genuine sense of solidarity behind it. It wasn't ... there was some altruism in it, it wasn't just a cynical decision. But the decision would have been ... would have been a more difficult one to make in March or in certainly in July of 2011 because things were much worse. You would have less chance of your loan, your very significant loan to Ireland, having the desired outcome at that point.