Dr. Michael Somers:

We had no dealings with Anglo. I mean, it wasn't within our ... the range of any outfit that we ever wanted to do business with. It would have come into our sights, I suppose, when the credit ... when they started looking for money from us and I can't remember how far back that was. See, we always maintained as much cash as we could because I saw what happened to the South American republics in the 1980s. They were not in the high ... they were nothing like as indebted as we were. But the problem they ran into was one of liquidity. They left their ... they didn't pre-pay loans or anything. So ... and when a year would come up, they'd have not only the borrowing requirement for that year to meet but they'd also have all the repayments of loans in that year. Now, we saw what happened to them so our policy was ... sorry, I'm digressing slightly but just to try and answer the question for you. Our ... we used to try and pre-pay loans one to two years before they matured so that, say in year ten, when that came up, we would have actually pre-paid that loan in year eight. So when it came to year ten, all we seemed to have to do was to borrow for the borrowing requirement of that year and maybe not even that much because we would have pre-borrowed. And then in that year, we'd say, "Okay, all we need is the money for this year or some of the money for this year", but we would also, without necessarily advertising the thing, borrow other money and we'd try and pre-pay other loans that were coming up in the next couple of years so that we didn't get hit for any huge amount of repayments in any particular year. So the result was, we built up a pot of cash and that cost us money because we had to pay interest on it. And we tried to alleviate the cost of that by place ... if we placed it with the Central Bank, we'd get a certain rate of return - not much. If we placed it around the market, we'd get a slightly better rate of return. On the other hand, we were not prepared to take any undue risk with that money.