Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Can I tease out your train of thought at the time and what you believed should have happened but maybe did not happen? On 28 September you said the only option is to guarantee 100% of all depositors, creditors in the banking system. After the guarantee on 1 October you described it as a masterstroke, a practical blueprint for the new financial architecture that will emerge from this global crisis but 18 days later you were critical of the Government’s approach. Why? What changed in the interim given that at that stage PwC was already in the banks assessing the balance sheets of the loan books? What did not happen in that 18 days that you believe should have happened?