Mr. Brian Cowen:

Once you're still in the markets ... the thing that changed was ... if you're still in the markets, as we were up to then, and you're out there borrowing money, as I say, from a limited pool of investors, the question of being allowed to, as they call it, burn senior bondholders was not something that the NTMA would be in favour of in terms of being out there getting funds at the right price. You'd also the situation where the ECB, the monetary authority they were not in favour of burning bondholders-----