Mr. John McDonnell:

What had actually happened was that the wholesale money markets had become more expensive to raise funds. We would have had detailed conversations with Bank of Ireland as to their ability to access those markets. They were able to access the markets and they continued to access those liquidity markets, albeit at a higher cost of funds. Secondly, and this is the very important thing we would have looked at is were Bank of Ireland still being able to draw funds from depositors and they were. Their deposit base grew by 19% up to March 2008.

But the most important focus of our audit and the most important focus of management’s audit was the level of collateral that they had that they were not using at that aspect. They had about €30 billion in liquid assets which they could have repoed with the ECB. My recollection is that they had not drawn down any ECB funds at that point in time. And at that point in time, liquidity markets were a lot tougher than they had been heretofore but they were not as tough as they became when Lehman's collapsed.