Mr. Alan Gray:

I think, first of all, I didn't advocate a guarantee. I was outlining the need to look at other options and to outline the risks in relation to a guarantee and I felt ECB action was a more appropriate action. But I have seen almost in every case whereby worldwide liquidity markets become into significant difficulties, the interaction between solvency and liquidity changes and that requires additional capital. The regulator was being asked to send in teams of accountants to come up with an assessment of whether capital was needed and I did not have certainty on that time of whether it would or not.