Susan O'Keeffe (Labour) | Oireachtas source

Mr. Gallagher, I know that you've said that you were not involved in the night of the bank guarantee and we accept that. However, Mr. Boucher, from Bank of Ireland, told us yesterday that, you know, he'd met with the Financial Regulator at the beginning of September to discuss INBS, and that it was very serious, and that, from memory, he'd been asked for a quantum of about €4 billion, this is on page ... I'm sorry, anyway ... page 17 of his testimony: "A quantum of about €4 billion, and we fed back to the regulator that we weren't comfortable, that that wasn't an accurate picture of what was needed". So it was clear that in the market people understood that INBS was in a perilous state, perhaps insolvent at that time, that Anglo was in a perilous state also, and yet, at Ulster Bank the impression we're ... we've been given is that it was all calm and quiet, there was nothing happening, apart from your boss ringing up the Financial Regulator to say everything's okay. I'm very puzzled that there was this sense of calm at Ulster Bank, or am I wrong?