Mr. Matt Moran:

Well, Deputy, markets changed dramatically beyond recognition. Banks globally and in Europe were under siege. The Irish banks suffered significantly and if you were a smaller bank, that was further amplified in terms of the pressure you felt in the market. So throughout 2008 there were numerous areas of strategic work to raise capital for the bank, to secure the bank's position, to try and diversify the bank, which was obviously one of the potential benefits from ILP. I had some involvement with the bank's advisers, Morgan Stanley, looking at various options. There were options considered with Rabobank becoming an investor. There were options being considered with a larger bank taking over the bank. So I would say a multitude of options were considered, including doing a rights issue to bolster capital in the bank. But most banks that had tried to do that during 2008, unless they were a global branded player, seemed to damage themselves in the market. So the market read, if you went to raise capital you had an issue and, therefore, doubly punished you.