Mr. Richie Boucher:

My personal view is that at that time - we have to also remember the time we were in, where the TARP had failed, there were banks collapsing all over the world. I believe if Anglo had had a disorderly process, it could have had very, very serious implications for the other banks and for the economy as a whole. Whether or not Anglo should have been brought into the guarantee ... if I could just expand a little bit ... I mean, I think there has been some commentary of Anglo being taken out. I have to remember that I noted at the time there was actually no mechanism ... you know in other jurisdictions you had "conservatory" which is the US term, in the UK they had ... there was actually no mechanism available to the State to how it took over a bank. I'm not sure nationalising a bank changed the problem .. you're changing the ownership. I note with Anglo, I mean, the period between the guarantee and Anglo being nationalised was three or four months, I don't think it changed things.