Mr. Klaus Regling:

Again, this is not part of the report, but of course I followed what happened in this country and in other countries because Ireland is one of the five countries where my institutions have provided a lot of financing. What happened here with NAMA also happened with most other countries - to create an entity that priced bank resolution and separated bad parts and good parts of the banks. In that sense, it was the way that was also chosen in all the other countries. On the details I cannot comment but let me stress again that crisis management is always difficult because decisions have to be taken in real time, before all the information that one would like to have is really available. That is a very general statement but unfortunately it is true.

The other point, I already mentioned it briefly, is that certain instruments and frameworks that were developed afterwards were not available in 2008, particularly on the bank resolution side.