Derek McDowell (Labour)

I agree there is no risk to the creditors because the State ultimately guarantees the loans. Even if they were to trigger the default mechanism because the company could not pay, the State has to step in, in any event. This is not likely to happen and there is no risk, literally, to the creditors. However, there is a potential risk to the company if for whatever reason — the Minister says it would be perverse, and it would be — the creditors were to exercise their rights under the notes. It is quite clear from the information in the public domain that they would be entitled to treat the restructuring as an event of default.