Mr. Paul Gallagher:

I wouldn't have had direct interaction with them but one of the obligations on the NTMA is not only to invest the money on behalf of the State but they also have a duty in relation to advising on financial markets. So the NTMA, certainly, and their reputation is such that they would have had a very great understanding of that. Whether anybody else had a better understanding, I don't know. People in Finance who would have been interacting with them and who would have been involved in this would have had a good knowledge, as would of course Governor Hurley, because one of the functions of the ECB was financial stability so they would all have an understanding of these matters.