Dr. Michael Somers:

I would have needed a lot of persuasion. I mean, my attitude would have been give as little as you can, until you are pushed to give more and you are absolutely convinced that you have to give more. Now I did hear that ... and I don't know how accurate this would be, that legally, in the prospectuses for those senior bonds that they ranked pari passuwith deposits. But, if the State, which didn't own any of these banks at this stage, if that had moved in to give a guarantee, it didn't necessarily have to, I think, guarantee the bonds because they ranked pari passuwith deposits. I think you could have just guaranteed the deposits because it was a third party and it could move in to do whatever it wished.