John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Okay, no, I won't go further into that. My final question is again in relation to the evidence given by Mr. Goggin to the inquiry. In answer to a question from me, he said:

You'll recall that when I was describing the events of 29 September, a few days earlier than this, the governor of the Bank of Ireland [yourself] met with the Governor of the Central Bank to assist me in my unsuccessful attempts to have the ECB collateral rules expanded. The Governor of the Central Bank told the governor of the Bank of Ireland at that meeting that there was nothing further he could do.

I want you to talk about those unsuccessful attempts, or any discussions you had with Mr. Hurley, who was the then Governor of the Central Bank, in relation to his attempts either to gain additional funding for the Irish banking sector or to change the collateral rules of the ECB at the time. And do you believe that if those collateral rules had to have been changed, and they were changed two weeks subsequent to the guarantee, that the guarantee may not have been, as constituted, necessary, if the changes had occurred before its announcement?