Mr. Kevin Cardiff:

Yes. We had been working very closely with the NTMA all along but, I suppose, they had, over a course ... over the course of just a couple of days, they had finalised their view on what NAMA should look like and they were preparing to report on it to the Minister and, I think, just the morning before they reported on it to the Minister they reported on it to a small group of officials. The scale of ambition they had in mind was huge. The value of the property loans that they ... the book value of the property loans that they were intending to ... or suggesting would be taken from the banks was ... I think it was €140 billion or €150 billion, so a huge amount of additional Government paper would have to be issued to make that work.