Mr. Cormac McCarthy:

I've tried to do that in my statement, Deputy, and, to that extent, I'm sorry if you feel I haven't answered the question. It's difficult for me to give an opinion on something that I had no involvement in and wasn't anywhere near the action, for want of a better phrase. So literally I heard about it the following morning, so all my insight is based on subsequent to that. What I've said is I can try to understand what the circumstances were at the time, but nothing beyond that.

As I've said in my statement and subsequently ... it had significant ... it had a significant impact on Ulster Bank in terms of deposit outflows. And, indeed, on Royal Bank of Scotland because money was not just flowing out of Ulster Bank in Ireland. Money was flowing out of high street banks in the United Kingdom into Irish banks in the United Kingdom as well ... because they all had operations in the United Kingdom. So collaterally, at that point in time, it wasn't just an issue for Ulster Bank, it was a broader issue. In many ways the UK banking system ... and ultimately the UK banking system had a bailout on 13 October which ... was not long after the Irish Government guarantee. So the impact ... the impact on Ulster Bank was immediate and significant.