Mr. Paul Gallagher:

Again, I suppose that it's outside my brief but, from what I understood then, and perhaps what I've learned since, both been fused together, I think once Greece went into the bailout, you had then the spread and the sovereign bonds, you had, undoubtedly, the Deauville declaration. And when we're talking about burning bondholders, it's important to remember that they were talking about burning bondholders in the future and the effect on the cost of borrowing rocketed. I think that set the seal for the bailout. I think it was probably then a matter of time. I think the Government was trying not to be bounced into it by saying, "Yes, we're applying for it" because then, as I said, you're locked in but that was the situation. But, so far as I could see, that was what was of concern at the time and those are the matters that immediately precipitated ... of course, you can't isolate, Chairman, as the committee will know far better than I do, any one factor. There was all of these factors coming together.