Dr. Donal Donovan:

Of course the IMF question is a different one. Regarding the interactions in the period up to the guarantee, August is a month when a lot of people are away. One senior person was unavoidably away because of personal circumstances. In early September, there was, as I understand it and as described in the Honohan report, a concerted effort to ensure that the Department of Finance, the Central Bank and the regulator were meeting frequently to deal with the crisis, but of course the crisis was moving very fast, and preparations had not been as great as they should have been. The tsunami came too quickly to get out of they way or to have protection.