Mr. Brendan McDonagh:

Because they were subsequently nationalised in January 2009. And I think in that period between the guarantee ... I mean, you know this was a very difficult decision for Government; it wasn't a decision of mine and ... and I think, Mr. Cowen referred, that they "only had one shot at it". And I fully respect in terms of the difficult decision they had to make. But I think what emerged, once the guarantee was launched, there was no consequence for Anglo. As corporate governance issues emerged in December, three senior people left and then, ultimately, the decision had to be made in January 2009 to nationalise them. The result was the same, just the timing was different.