Mr. John Hurley:

I formed a judgment that night that nationalising Anglo would have really complicated the situation and not eased it. But there were other factors at play. Anglo was illiquid, it wasn't insolvent. You were giving the guarantee to other banks and you then weren't giving Anglo a chance to live and so you were wiping out all of the shareholders overnight and there would unquestionably have been significant legal actions against the State. Now these might not have been enormous in the ... in the ... in the fullness of time. But, on the night in question, you had to make a judgment that you were going to nationalise an illiquid bank when you were giving a guarantee to every other bank.