Mr. Brendan McDonagh:

Once the Government made the decision about the bank guarantee, myself and Mr. Whelan, my colleague, had to work to have ... The whole issue of the guarantee was going to be announced the following morning, if you recall, when the markets opened, to get ready so that it could be explained to the markets that the Government had entered into a bank guarantee. Myself and Mr. Whelan's view at the time was that this would weigh heavily on the sovereign and would weigh heavily on the cost of money, the cost at which we could raise money in the markets.