Mr. John Gormley:

Well, we had to take legal advice on this. I listened carefully to the advice that we were offered by the Attorney General. I think it's fair to say that ... and, you know, as Mary Harney said we're going back a period of time now and I'm trying to recollect exactly but it's often been said that we didn't resist, that we just caved in; that's not the case. Minister Lenihan did make efforts to include bondholders. He did want to, actually, to use that phrase that has become often used now, "burn bondholders." But a number of things happened.

First of all ... and this is ... I'm just ... you know, this is my recollection, we did get some support from Strauss-Kahn, who was supportive of our ideas in relation to this, but Trichet wasn't supportive and particularly then ... I'm thinking back ... there was a meeting then subsequently where Tim Geithner was there and he was not supportive. And the very clear view of the Attorney General at that stage was that they were to be treated in the same was as depositors and so, therefore, it was not possible. And that's my recollection of that.