Mr. David Gantly:

I guess ... the real cliff that I was looking at was in terms of liquidity so, therefore, my reaction at the time was, it's going to .... it sorts that problem. You know, I hadn't, I suppose considered it ... I don't think anybody ... I don't ... I think few had ... was to look at what the scale of the blanket guarantee meant in terms of its absolute size relative to Irish GDP. So, in terms of, you know ... equity bore the full cost. You know, subordinated debt that counted as capital for me I would have thought that that should have suffered the same fate.