Mr. John Hurley:

Well, the ... first of all, my recollection of events is that it was clear that we were talking at that time about a guarantee for six banks. Nationalisation was not on the table. The decision had been made but the intervention by me had to do with the very point I've just mentioned, that if further emergency ... it was known that emergency liquidity would be given to Anglo Irish Bank. If it was known that in the context of a guarantee, far more emergency liquidity would have to be given to Anglo Irish Bank, what would that have done to the guarantee and the decision the Government had just made? And my view was, that was extremely risky. If that position had happened ... if that position had gone out into the public domain, the guarantee could have been damaged and we had to have a coherent position going out to markets seven o'clock the following morning. If that wasn't coherent and didn't stand, the chances of it being challenged would be high and that risk simply could not have been taken.