Mr. John Hurley:

Well, I mentioned earlier in the discussion that before I left for hospital in July, that an assessment was made with the banks of the liquidity position of the stresses and strains at the time so as that I could speak to the Minister before I left but also so as that I could go and speak to the ... at ECB meetings, and to take the temperature of what was happening in Europe at that time.

And the view in Europe, before the summer of 2008, with everything that was being done internationally by all the central banks and by the ... about liquidity, interest rates, everything coming together ... the view was that it was very likely that within six months we'd see a significant easing in the liquidity situation.