Mr. Pádraig Ó Ríordáin:

Well, yes, I mean, the guarantee, that's exactly what happened. So, you know, the guarantee and the overall the ... financial sector generally did leave the taxpayer with that bill. I think too it's very important in that analysis, Senator, to remember that the losses that had occurred in the system, you know, predated the guarantee and were there in any case, so they had to fall at some stage.