Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

In your booklet then, Vol. 2, page 3, you see ... you see an e-mail there towards the end of 2007 in which you are included and the subject is a list of issues for the domestic standing group, again a meeting that's to be held very shortly, and if I just quote from the e-mail, it says, "Please find attached a list of issues that need further examination / clarification in order to facilitate actions the Dept or the [Central Bank] may need to take should a financial institution in Ireland find itself in difficulties, or systemic problems arise in the financial system", and this list has been prepared for a discussion at the domestic standing group.

So then, if we just turn the page to page 4, Mr. Grimes and, under "Ministerial and CBFSAI powers", which is the Central Bank and regulatory authority powers, and down one, two, three, the fourth bullet point:

The legal position regarding a number of potential policy options for the State to provide support to financial institutions in difficulty requires further examination. These include:

- the legal scope for a "letter of comfort" to be given to the Central Bank in an emergency situation confirming the Minister's intention to approach Dáil Eireann for legislative authority to enable the issuance of a financial guarantee to the Central Bank.

And if you turn to page, just once more Mr. Grimes, to page 7. We have, "Three scenarios for institutions having difficulties ... 1) illiquid but solvent ... 2) nearing insolvency ... [and] 3) insolvent". You're following me there, yes?