Mr. Paul Gallagher:

Yes. The State was the obligor under the promissory notes and, therefore, they were the equivalent, in my view, as bonds. I think the reason why they were chosen was - and I think the committee have heard this - it enabled capital to be put in, on a staged basis, to the banks. It provided the banks with the necessary injection of capital but the cost would be met on a staged basis and that was what was behind it.