Mr. Gary McGann:

The answer was "yes", it was discussed on a number of occasions and at that time, the big factor that was weighing on the minds of the board was the whole uncertainty that the CFDs or the increasing clarity of what the CFDs meant, and what the implications and challenge that was going to be for the business in terms of an overhang and the lack of confidence as to how it was going to play out, and therefore the fear factor. I mean, I happened to be running a business where the share price was in freefall. If I could take a quick segue just to give you a parallel in a totally different world, but it is very important that it was ... in Smurfit Kappa, we IPO'd in March 2007 with a €16.50 share price. By early 2008, mid-2008, our share price was €1, so the value of the business had gone from about €5 billion to €300 million. That was what was happening in a recession-proof business but because we weren't a bank, it actually didn't matter to the core model and the core business. In the case of the bank, once the share price started to come under pressure, obviously confidence in the bank in the context of retail depositors and even corporate depositors was the issue, and that was the key focus at the time.