Mr. Brian Goggin:

Oh absolutely, when one considers and reflects on what happened. There's nothing wrong with wholesale markets. It's a perfectly legitimate way in which a bank would fund itself and the markets, you know, throughout the 2000s were extremely deep, extremely liquid, Bank of Ireland had a range of instruments - you will have seen those in your documents in terms of how it was accessing wholesale funding but yes, when a wholesale market freezes, I mean the securitisation markets were long established, a deep source of funding for banks across the world. I mean the securitisation markets in late 2007 or maybe it was early in 2008, they actually froze. We were dealing with circumstances that we had never experienced before. But yes, in an environment like that, where your source is withdrawn, you'd clearly be better off not having to rely on it. It was a reasonable and a perfectly acceptable assumption underpinning our business model and our approach.