Mr. Lorcan O'Connor:

As I said in my opening statement, it is not for the ISI to question the rationale behind a particular vote in a particular case. It is fair to say that all the main creditor groupings have engaged in the process. Indeed, the vast majority of cases that have gone to a creditors' vote have been approved.

However, some have not been approved and others have been appealed. The latter are very much in the minority. We do not have the full analysis at this point. As already stated and based on the analysis that would feed in to our assessment as to whether the legislation is working later this year, that is the kind of scenario at which we would be looking. At this point, the vast majority of votes have been in the "Yes" category and the engagement from creditors on all sides has been positive.