Mr. Gary McGann:

I don't think there was a point in time. I mean, there is no doubt about it that all the banking system around the bank guarantee were struggling in terms of liquidity and therefore ... hence, I presume, the context for the guarantee. But at all points in time the board saw this as a funding liquidity challenge. We'd obviously issues around property valuation and the asset side of the balance sheet to be addressed, probably with capital raising but Anglo Irish Bank had a very strong track record in capital raising. In the first half of 2007 it had basically raised €500 million at a 2% discount, which even in today's standards is a hell of a fund ... or an equity raising. It had a tier 1 bond six times oversubscribed in the first half of 2007, so this was a rapidly, kind of, changing environment.