you said a moment ago that bryn was quite involved in influencing these matters. did you on that particular one shout and scream and say you cannot do this? >> when i say we were involved it was with the government in the aftermath of that to help with the resolution of the banks. ot re not being passively the eurozone. as soon as we knew about it from reports rather than being part of discussions, we were always critical. the prime minister has been very clear that there are guarantees that are promises . de possible form we've been consistent in that. do i agree with you that i think uncorrected it would leave a dangerous impression that these things were somehow negotiateable or could be set aside. i think two things provide some confidence that that potential impression may not be. the first is that proposed agreement was not agreed and was set aside and replaced by one that did protect insured depositers. and second is it was very much present in the discussions of the recovery and resolution directive where there was a shared view, in fact, i said coming out

so the dominic cheerier should not foreclose other competitors from this opportunity to acquire low bryn -- low band spectrum. there needs to be competitive limits on spectrum. the only dispute is how and when to employ them. we have said no carrier would be shut out of the market even if they exceed the limits. despite what you may be hearing, limits on spectrum competition are with the directive to promote competition. it is that visionary law that is the basis of the billions of dollars in investment in the millions of jobs that wireless competition has channeled into the u.s. economy for the past two decades. we need spectrum allocation limits? first, all spectrum is not created equal. the 600 megahertz spectrum is cheaper to employ in both rural and certain urban settings. today the two largest carriers control about 80% of the spectrum. half of which they got for free from the government in the 1980s. all carriers meet a mix of high and low band spectrums to compete. no low bandds spectrum. second, the two dominant carriers have much to lose from competition. this gives them a sign