Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I would put it to you, Mr. Grimes, that the concerns were documented at this meeting in July 2008 and there's a reference to this being:

a very sensitive market situation as if Quinn was unable to meet to his margin requirements and if the 'overhang' of Anglo shares were disposed of by the [contracts for difference] counterpart[s], ... the adverse impact on Anglo's share price could be very serious. However, it was very difficult to predict how the situation would be likely to unfold.

So, there was a high degree of knowledge at the Central Bank at this stage about the potential risks to the bank and indeed, the wider system as a result of the contracts for difference built up by Mr. Quinn and I'm asking you what actions were being taken at that stage to address the risks and the concerns which were clearly evident?