 It's a nice trip to here. It means the same thing so positively about Ireland's role and I wish goodness they could get all their colleagues out and start preaching that message. Because we've been listening to so many people, be moaning and wailing and you know the end is now. So Minister, thank you. Thank you very much. Former Deputy and Minister. Thanks. And the front here, the very front. My name is Roland McGrath and I work in the AIB. I'm wondering if you think, I felt during the last few years that the Irish people attempt to blame the Europeans not for the things that were kind of for a lot of mistakes we made ourselves. I'm wondering, do you think that the Europeans feel that we've actually changed their mindset and that we now are going to take more ownership of the problems that we've created ourselves? Yeah, as well as, first of all, we always take that, the rest of the world when they're having their breakfast in the morning, across the table to their wives and say like, I wonder how they're getting on in Ireland. So most of the time the Europeans don't even think of it. We don't cross their minds at all, you know. And it's like this, I watch Bloomberg a lot. And very often international investors and international commentators and politicians form a view of a country by the one line that goes across on the table. The Greek set the default, sets it for the day. That's the image you carry with you. So we have to be super careful in what we say because it's the era of the soundbite. And the image of Ireland is established by a series of soundbites frequently on the financial channels. So to be aware of that, you can work into that then to reset the reputation of Ireland by making sure that all the messages that are going out internationally are very positive. So we're sticking to our program and we're going to stick to it. We're going to pay our way, we're not going to default to restructure. We have a growing economy again, we want to grow our way out of this. We've restructured the banks and they don't require extra capital. They're beginning to access money and the wholesale market again. Their deposits are coming in again. You know, it's job, it's export-led growth and we're balancing payment services. And they're only one-liners, you know, but they all get into the financial markets and that's what creates the different image of Ireland. And we keep putting out the positive message. And positivity leads to positivity, you know, because the missing ingredient in domestic market in Ireland at the minute is confidence. Like if we could build confidence in the domestic economy in Ireland, we'd be in a very good place very, very quickly. So that's what I'd say. Thank you very much, Roman, for that question. Now, the next question or comment. And we're locked in the play, over in the room. Thanks, Chairman. Minister, the financial markets are challenging democracy across the world in that moment in Europe. And I suppose it's true to say that we're having a demographic crisis. What steps do you think are needed to counter this challenge from the financial markets? Well, the firewall to speak about it is a defence mechanism in Europe. But this issue is a much wider issue. You see it hitting the states as well as Europe, and it's not going away. And as a democracy and as a democratic people, we have to summon and ask ourselves, how is it going to be addressed going forward? Thank you, Lord. Yeah, it's a difficult question to answer. Because certainly the markets have a very strong influence at present. And they're forcing decisions on democratically elected leaders, which they might not take. But rather than seeing some kind of, you know, conspiracy at work, I think we should look at the situation in countries as well. The markets are kind of mindless, you know? There's nobody kind of directing it. And the markets react. They're like some kind of force that reacts to the data that they have. And if they see risk, they'll avoid it. And if they see profit, they'll go towards it. I mean, Richie Ryan used to say when he was in my job, that there's nothing as funky as money. And it'll run from risk always, you know? And a lot of what's happening in the market and what the kind of conflict between democratic leadership and the market is, I think leadership not acknowledging that the manner in which they've organized their countries is not correct and adjustments have to be made. Now, the adjustments are being made very rapidly. I mean, you see the situation in Ireland with the banking disaster and the government, previous government moved very quickly to put in a new governor and a new regulator and to again merge the roles of regulator and central bank in the one institution with a proper hierarchy and have staffed it up very much. So regulatory regimes are very, very important, you know? The markets were right about the recapitalization of the banks. I mean, the stress testing that was done across Europe in June was very good stress testing. But the line was drawn too low in terms of tier one capital ratios. And it was ridiculous to think that the markets would. Ireland had a very good insight into this because we recapitalized the 10.5% to quarter one capital in the end of July on American-based stress tests. And the Europeans were saying everything will be grand if we recapitalize it 5%, 5.5%. I mean, it couldn't stand up. I argued the case with them in Europe. I said, you're wrong, you'll become back to this again. And they're recapitalizing now at quarter one and 9% plus market to market. So what I'm really saying is that the markets need to be controlled by more regulation, but we have to acknowledge as well that very often the markets are really reacting to flaws in the economies of individual democratic states. And it's up to the democratic leadership to fix those flaws and not just to blame the markets. Okay. I think that, in my side, I think that's Dennis Cobb, am I right? I think while we were meeting and by the minister was talking we had a quite an initial development in Athens, as I read in my back for you. Captain Rail has offered to resign. And there are talks and allegedly the report is going on to form a national government and the Prime Minister being spoken about is the chairman of the Greek National, the Greek Central Bank. I think this might mean we probably don't have to face a Greek referendum of course you don't know everything in speculation but it looks as if Greece might be sorting itself out. Thank you Dennis. That's very good news, Dennis. And I mean it confirms democracies will sock themselves out. There are similar talks in Italy, I don't know how it's going to play out but the best rumours from Italy are that they're going to form a national government principally of technocrats and former commissioner Mario Monti is going to be asked to be the Prime Minister. But I mean, I can vouch for that. That might be just high class rumour that I'm getting on the phone. Okay. Great last question. I think I'm going to park Murphy here. Yes? Party member Jinskir. Minister, one of the things that has been talked about in connection with this crisis is that eventually we will have a proposal to amend the treaties in the direction of greater integration. What do you think is the idea of this and what is the Irish view on it? Thank you Parth. The position is that President Van Rompuy has been asked to look at what needs to be done to implement the agreements made at the heads meeting recently and to report back to the heads meeting in December on the possibility of whether treaty change would be required or not among other things. Now, one of the things in the communique which concerned us was that the authorities in Europe want to enshrine the stability and growth pact in law and they wanted to do it by way of referendum where you would have a constitutional break on having deficits that are too high. They pulled back from that. So in the communique they said a legal break preferably in the constitution. So we'll be able to meet that recommendation under law. The Irish position on referendum is that we don't think we'd get it through at present but if it was a referendum which enhanced our position and it wasn't a simplistic change in the treaty then we'd look at it and we'd examine it. We can't be seen to kind of stand in the way of progress across Europe but I don't think from what I hear there'll be any proposal to change the treaty for four or five years. The Lisbon Treaty from the first time it became a matter of conversation took seven years before it was actually implemented. So there's a long lead-in time in Europe for a lot of these things. So I don't think we're going to be faced with an immediate treaty change but the Irish government position is we think that 95% of what needs to be done can be done within the present treaty framework but we're prepared to examine any proposal to change the treaty and we won't rule it out simplicit but we're putting down the marker that we'd have great difficulty in getting any European treaty through a referendum in Ireland at present.