Mr. Gabriel Makhlouf:

-----so we have to make the decision. We take into account the law as we see it. We have to operate, just to repeat what Mr. Cross said, within a framework that requires us ultimately to also be proportionate and to be reasonable. In the end, the key factor was that, as these securities were no longer to be offered in Ireland, we decided we would approve the transfer of approval of the prospectus - the step which is just the transfer - to the CSSF.