[tipokotap]

I agree with "Never say never."

What we have seen thus far has been astonishing. RBS is a massive bank, but so were WaMu and Wachovia, for example.

Buying a company like RBS without understanding anything about the business simply because the price went down and it must one day go back up would be more like buying a lottery ticket than investing. To do so would be very risky.

Now that's not to say that RBS is a bad investment. I do not know. But according to the news, your government plans to announce its intentions tomorrow morning insofar as shoring up the nation's banking system is concerned. Given the price action today, people clearly suspect that RBS might be one of the banks that needs money. In general, this activity could result in banks being nationalized or, at the very least, in shareholders being massively diluted. In either case, shareholders will be punished.

As an owner of Lloyds TSB, I find this development somewhat concerning. On the other hand, I remain confident in the quality of Lloyds's balance sheet and capitalization.