Mr. Marco Buti:

I cannot tell, I cannot tell. What I can say only is what we have observed ... is that Ireland was able, under the setting of the programme, to go back to markets already in July 2012, well before what, I mean, the schedule of the programme itself, which was, I think, an excellent result and largely unexpected at the time.

This was based on the decision not to proceed with the bail-in of senior unsecured bondholders. Now, I do not ... I cannot tell you about the counterfactual - what I can tell you is that what happened was indeed a very positive element which, if anything, if one takes a prudent approach, would testify in favour of what was ... what the decision was on ... was at the time.