Professor Patrick Honohan:

I don't think so because if you recall, towards the end of September 2010, the NTMA announced ... or the Minister announced, that the NTMA had enough cash for several months so it stopped borrowing. And it stopped borrowing because the rates of interest had started to get up to levels where they thought, "How can we justify this? If we were in a programme, it wouldn't cost us this amount." So very little, if any at all, maybe a very small amount, was borrowed at the higher interest rates of 5% or 6%, or something like that, around September. So, we went in, in good time; not too soon, not too late.