Mr. Kevin Cardiff:

No, the settled policy at that time was that there would be no burden-sharing. It was based on both legal considerations but, more importantly, on the advice from the NTMA that this would be a bad thing and I think my statement is ... or my long ... what Senator O'Keeffe calls my "long statement" goes into that in a certain amount of detail. Remember, the NTMA was concerned, quite rightly, that it had to fund Ireland in the market. It had a view that if we were burning senior bondholders, we could easily lose that access to the market. Two months on, it was pretty clear that we didn't have access to the market, so the balance of advantage for Ireland changed.