Michael D'Arcy (Fine Gael) | Oireachtas source

Which was the biggest issue? I suppose what I am saying is the liquidity crisis ... this is almost a year, it is ten months before the guarantee. The liquidity crisis, while there was contingency planning for events, this was the November 7th report from a major player in the international markets stating quite clearly a negative perspective on the Irish banking sector because of property exposures, almost a year before it, before the guarantee. Which was the bigger issue? There was liquidity for other institutions at this stage. What I am trying to ask is, had the international brokers decided that the Irish banks were in trouble at this stage, as early as this and as a result of the losses, 30% to 50% of their share value in ten, 11-month period? Did one lead to the other?