Mr. Brendan McDonagh:

-----but I suppose what I was trying to put out because I hadn't much time was to sort of say, listen, I've got to set out my view from this and having discussed it with my colleague, who's in charge of funding the national debt, Mr. Whelan, that this is going to be huge. This is going to have a big impact on the sovereign and furthermore, if you're going to give a guarantee, what can we say when we are talking to people, the credit rating agencies, when they'd turn around and they'll say to us, you know, "What's the problem with the banks and what's the scale of it?" and we'll turn around and we'll say "Well we actually don't know." And I said this ... In my first line of that response, I said because the scale of it or the impact hasn't been quantified and unfortunately, I've been proved right ... I've been proven right, because the cost has been huge.