Mr. Paul Gallagher:

The answer to that is no. I think Governor Hurley said that. But I do want to make things clear: resolution legislation was available. When you talk about an orderly wind-down, an orderly wind-down involves a liquidation. It was quite clear to everybody that you couldn't take the risk of winding down a bank in whatever fashion. That was absolutely clear. And nobody was prepared to take that risk because of the consequences for other banks. It was as simple as that. And all of the banks were regarded as being exposed to property ... you see one bank winding down and the concern was that, within a matter of hours if not days, that would be the position of all of the banks. And, as I said, the unique position was you had the six domestic banks - our whole domestic financial system - under threat. That, to my knowledge, was quite unique and certainly that demanded an approach that addressed the threat to the financial system. And that's the decision that was taken.