Dr. Dan McLaughlin:

Well, why did Merrill Lynch, when it was asked by the authorities in a ... their analysis was published in a redacted form, why did they suggest that AIB and Bank of Ireland, or a combination of them, could take over some of the other banks? Obviously the view was at that time there wasn't a solvency issue and it's a moot point as to whether the solvency issue would have developed the way it did, had not the liquidity dried up completely.