Mr. John Corrigan:

Well, there was a huge debate or debates with the regulator at various meetings I was at from, you know, in September on whether the banks were solvent or not. Now, I'm not an accountant but he assured us that they were solvent. It seemed to me, as a non-accountant, that it was highly debatable as to whether they were solvent or not, on the basis of my understanding of the definition of "solvency" is an institution's ability to meet its obligations as they arise. And if you just take the snapshot of the night of the guarantee, but for the guarantee, presumably, Anglo wouldn't have been able to meet its obligations and, therefore, arguably, could have been regarded as being insolvent.