Mr. Pádraig Ó Ríordáin:

Absolutely. So this is just one of the consequences of a bank becoming insolvent.

So what would have happened ... and the ECB would have been in no different position, really, from other types of ... well, actually, sorry, it had priority ... would have been in a similar position to other types of derivative counterparties whereby, in order to get liquidity, what the banks would have done is that they would have repoed some of their assets to the ECB. And what happens in that case is that if there's an insolvency event or a bank becomes illiquid, the ECB or, indeed, other derivative parties, would actually then seize that collateral so that they own it, essentially, as collateral for the lending that they'd given.