Mr. Richie Boucher:

I think NAMA was a process to enable us to deal with an issue and to raise private sector capital. I think the nationalisation was a consequence. I might have used it for dramatic effect with the board to say like you know, I doubt we have a choice. I said I don't think we can raise the ... if I was a market participant - because I was looking at it from the people I'd have to go and try to sell the bank to in terms of raising capital. I said if I'm spending nine tenths of the meeting explaining a property and construction book, and not talking about what the other aspects of the business, I said I'm losing; I'm losing before we start the discussion with these investors.