Mr. Paul Gallagher:

The position, I think, has two stages, Deputy, so far as I'm concerned. On the basis of the information which I saw, as of 30 September 2010 when the guarantee expired, very careful and serious consideration was given at that stage by the Government to, if I may use the phrase, "burning" the unguaranteed senior bonds. And my recollection is, and I think evidence has been given to this effect, was the NTMA weighed up the consequences of doing that. This, as you know, coincided with the decision in October 2008 of the NTMA to step back from the bond market and cease to attempt to raise further funding for the State. The decision was taken that the benefits that might be achieved from burning those bondholders at that stage could well be outweighed, and would probably be outweighed, by the disadvantages in terms of the continued funding of the State. There was also obviously a continuing concern about contagion effects as to what it would mean for funding of the banks but it was really the funding of the State. That changed dramatically at the time of the bailout.