Ms Ann Nolan:

I think by the autumn of 2010, we realised in 2009 when, as we went through the year as the losses in Anglo accumulated, that there was a very serious long-term problem with the operating model of Anglo. The new management team had tried to get a business plan for an ongoing bank which would work, and we looked at those, I think in August 2010, as best I remember it, in conjunction with the Central Bank. In the meantime, their funding model was, you know, they were just ELA almost entirely, and as every piece of their funding rolled off it was replaced by ELA, so they had a huge funding problem. And the new bank just wasn't to my mind - that they were proposing - wasn't to my mind - and we did look at it seriously, but it wasn't actually fund-able in terms of ... it didn't have a business plan that you could convince the ECB or the markets was a funding model going forward. So, that option was looked at and decided against. The twin-track approach was on the basis that we were under the impression, which turned out to be a misapprehension, that the ECB was willing to fund the funding bank, so-----