Mr. Brian Goggin:

No, the bank ... actually that night I had no idea of the maturity profile of the bond portfolio in Bank of Ireland but what we did offer into the room, when asked for an opinion on what should be covered, it was very clear. Having had that dialogue with my colleagues over the course of the evening the Bank of Ireland position was that senior creditors clearly needed to be covered, junior creditors insofar as they were dated instruments and we didn't feel that undated juniors should be covered because they were akin to permanent capital. Now there was a reason for this. The reason that we suggested that junior dated should be included was that were concerned about the crossover between junior dated and junior ... and senior bondholders, senior creditors. We were also concerned that that very same population, it was a crossover to the sovereign. So, in terms of, and the primary purpose of the guarantee was to ensure stability of the banking system, it was important from our perspective to ensure that that stability was achieved and that the capacity of the banking system and the sovereign would not be impaired in terms of accessing the very individuals who are both providers of dated subordinated and senior bonds.