But there’s also an old saying that applies here: it may be far better for all parties concerned to make a painful break rather than prolong the agony. Needlessly perpetuating the situation could very well push up costs and losses.
This was necessary at the time as it coincided with the period of the high interest rate cycle, and the successful implementation of the auction system in the early stages of a move to market related rates of interest required a shortening of the maturity structure. This resulted in bunching of maturities as well as rendering liquidity management difficult.