Mr. John McDonnell:

We focused in on going concern considerably with Bank of Ireland in March 2008 as a result of the effective freezing of the securitisation market. That had a knock-on impact on liquidity in the marketplace. Bank of Ireland were a small player in the securitisation market and they didn’t have any of the valuation issues I discussed earlier on, or a very small number of them. We would’ve focused very heavily with Bank of Ireland and they would have increased the amount of work they would have done themselves to assess the going concern aspect. And we would have considerably ramped up the work we did in terms of going concern.

And we would’ve particularly focused in on liquidity and we particularly focused in on a number of things. And we took reliance from a number of things. One, Bank of Ireland’s deposit base had grown by 19% that year. They were still growing deposits. Two, they had access to the wholesale money markets and they had considerable access to the wholesale money markets and they had no issues accessing those markets, albeit that the cost of funds was a little higher. And, three - and this, we had taken considerable comfort from this - they had a huge amount of liquid assets, about €30 billion, which they had not sought to access the ECB with. So that's ... we would have focused on that and done a lot of work around that.