Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Okay. If I could maybe bring your attention to the fourth paragraph down because I think you, kind of, refer specifically in that area, where you say "Surely the objective of the guarantee of this dated subordinated debt from our point of view is to give the covered institutions the ability to access at least 2 year term funding to reduce their reliance on short term funding thereby avoiding the liquidity squeeze."

So this is, basically, the summary of the action that had taken place two weeks ago, what it was to achieve and so forth. "If any covered institution was to issue term debt with a maturity longer than 2 years, then the market would want to be compensated for that by an appropriate step up in the interest rate pricing and that would be entirely commercial." The two years you are talking about there, is the two-year guarantee, is it?