Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Yes, when I am finished with the question. There are two things I want to bring up. One is in relation to the phone calls with the ECB. Can the Governor elaborate on that and the Trichet phone call in particular? Was there a phone call between Trichet and the Minister, Brian Lenihan, as the latter said publicly in the RTE documentary, where he left a voicemail on Saturday the 27th, which he heard on the 28th, and which said, "You must save your banks at all costs". Does the Governor believe that came and was it verified to him?

The Governor went into an area which is of crucial importance to the committee. In relation to the guarantee and the question of whether there was a suspicion that there would have been losses, he mentioned minutes of a meeting. David Doyle is the person who was noted in that meeting. I have it in front of me and it is already in the public domain. It states that David Doyle noted that Government would need a good idea of the potential loss exposures within Anglo and Irish Nationwide Building Society and that on some assumptions INBS could be €2 billion after capital and Anglo could be €8.5 billion after capital. Again, I note that this is evidence we rely on. The Governor mentioned that Mr. Doyle said that was not what he meant, that it could have been with capital and, therefore, the capital could be absorbed within Anglo. The Governor did not make any reference to Irish Nationwide Building Society. However, even if they did have that capital, there would still be a need to be recapitalised, would there not?