Mr. Ajai Chopra:

Look, I can only speak to the IMF side of this and, again, I have given you the details in my written statement. The IMF has a very standard practice in how it sets the interest rates on its assistance and that applies to every country that borrows from the IMF. That's the ... it's an international institution; that's the way it works. If it feels that debt is not sustainable, that's when the possibility of debt restructuring does enter. In this case, it did not. Again, the Irish authorities did not want it and there was the systemic implication at the time. I think the way that IMF loans are structured, initially the European partners more or less copied that approach. Now that, you know, but they quickly realised that transplanting the IMF approach on its financial assistance to their ... to what's needed in a monetary union was not appropriate, so they adjusted the terms and I think they deserve full credit for doing that. The way that the IMF assistance was structured was to create incentives for repaying early, which Ireland has done. So, you've got to recall that ... and as I've said in ... over the course of this evidence, the IMF's involvement in a monetary union does create complexities that I think the IMF needs to think through.