Mr. Gary McGann:

I don't believe certainly ... certainly at board, and obviously with board's engagement with the executive directors, of which there were four, that certainly wasn't the concept. The environment was extremely challenging. Funding and liquidity was a serious issue. There was a strong view that that environment that prevailed, that created the funding challenges, couldn't sustain long term. I mean, we have to remember these were times when (a) banks wouldn't lend to banks; they'd lend to the central bank ... the European Central Bank rather than lend to one another, they had to go that circuitous route. These were times when, latterly, you had UBS and Deutsche Bank and Bank of New York basically charging people to mind their money by putting it on deposit. So we had very unusual and hard to believe long-term sustainable circumstances. So against that backdrop there was a belief that a recapitalised Anglo could have a future but it would need (a) stronger funding sources and (b) probably a broader funding footprint.