Mr. Patrick O'Sullivan:

No. Under its current rules, the European Investment Bank cannot provide the money for this financial instrument. What we are suggesting here is that the European Investment Fund, which is not dissimilar to the EIB, is in a position to provide a guarantee to this co-operative society. Having provided that guarantee, a bond can be issued on the international bond market for which there will, no doubt, be plenty of demand. That is how this proposition can be funded entirely.