Mr. Paul Gallagher:

There was ... well, there was negotiation of the ... there were no legal issues there were ... sorry, two legal issues that arose. One was I was told IMF was insisting on a priority. I couldn't see that in the IMF rules. We had a conversation late on that Saturday night, on 20 November, about 2 o'clock, with the chief counsel of the IMF, a Mr. O'Hagan, and he explained it wasn't anywhere explicit but that's how the IMF dealt with the matter. And the other issue that I did raise was whether there should be included, or whether there would be agreement to include, what's called a "most favoured nation clause" dealing with interest. Because there was concern the interest rates were high. A most favoured nation clause would mean that if anybody else got a lower interest rate, because the Portugal bailout was something that night happen, we would automatically benefit from that. That had been explored, it was refused but I think you've already been told that there was, at least, an expectation that an improvement would be achieved on the interest rates but they were ... wouldn't put that clause in.