Mr. John Hurley:

-----now in ... in the intervening period, the ... the scale of losses of the main Irish banks was truly horrific after Lehman's. I mean, ECB funding increased dramatically ... I ... the figures would probably would be ... I think it might have gone up to €40 billion. I think the outflows were very, very serious. We knew that one particular institution was close to being illiquid And we knew that the other banks were haemorrhaging liquidity ... and really, on the basis of that, it was .. it was a dire situation and we had discussions in the Central Bank and we came to the view, and it was mentioned at board meetings in the Central Bank that I would have chaired subsequently, that we might have to seriously consider something that we hadn't been prepared to consider up until then, which was the broad guarantee.