Mr. Pádraig Ó Ríordáin:

Certainly, Deputy. I think ... and, again, I'd need to be a little bit circumscribed because I'm conscious that there's litigation ongoing in relation to Anglo. But, essentially, once the State guaranteed each of the banks, then the State was, obviously, vulnerable to any default by any of the banks. And, therefore, when it came to Anglo, once confidence started to erode in relation to, you know, the manner in which Anglo was being run, that obviously had quite an impact in relation to whether the guarantee could be triggered. And, you know, a guarantee could be triggered if there was any default in any of the covenants, for example, for ... in any of the financial instruments that the bank held. So when you guarantee like that, you ultimately are responsible for the bank and that, therefore, once the confidence in a corporate governance began to really erode in terms of Anglo, then that really was a trigger, I think, for the State to say "This is really is our obligation, our liability, ultimately, in terms of the guarantee and, therefore, we need to take more extensive control than we have taken in relation to the other banks." And then that's when you nationalise. So you become the owner. You control the board - at least, you appoint the board. And, therefore, you regularise the governance of it to a much greater extent.