Mr. Brendan McDonagh:

You know, I think you've got to understand, Senator, is that people can have concerns that something might happen and it hasn't happened but during September 2008, certainly around the time of the Lehman's collapse, that was a game-changer. You know, everybody sat back and started withdrawing liquidity and if you are a chief risk officer sitting in New York and you have lent €1 billion of money market deposits to the Irish banking system and you hear that there might be some potential problem in the Irish banking system, you are not going to wait for the clarification, as chief risk officer, of what that problem might be. You want your €1 billion back. So the game changer was that everybody started withdrawing liquidity very suddenly very quickly out of the system at the same time and it has been, I think, documented elsewhere or reported that, you know, that was the real like, that what people have a worry-concern that what potentially might happen, was beginning to happen and when it began to happen, it happened very quickly.