Mr. Alan Dukes:

Well, we were proposing that we would pay subordinated bondholders somewhere in the twenties per cent. The NTMA reckoned that that was too aggressive and we ended up paying somewhere in the thirties per cent - I have the exact figures somewhere but I can't quite recall them at the moment - which meant that instead of saving somewhere over €2.2 billion, we saved €1.8 billion on that exercise. In 2010, we proposed another exercise to cram down subordinated bondholders and it took almost six months to get agreement of the authorities to do it. That was a more aggressive one.