Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

No. Okay. At the meeting board minutes from AIB on 7 September suggest that ... they quote "The funding profile of the institution was weak, and it was unlikely to be able to refinance funding that was maturing periodically over the ensuing year, commencing in December 2008." It goes on to say, "The quality of loans was suspect and could require write-downs ranging from a benign 13% estimated by the [Financial Regulator], to 30%/50% estimated by Bank of Ireland". The minutes record of the Financial Regulator asked AIB and Bank of Ireland to put €2 billion each into Irish Nationwide. Later on Mr. Sheehy told representatives from the Financial Regulator "It was his '[which was Mr. Sheehy] understanding that the institution's loan portfolio would required to be written-down substantially, and, accordingly, that if AIB acceded to the [Financial Regulator's] request, AIB would, in due course, probably have to incur ... write-downs ... of €1bn [off] the funding line [they] provide." So the question I have to you is, this is AIB telling you that, or telling the Financial Regulator, that if they put €2 billion into Irish Nationwide they were going to lose €1 billion of it, did you concur with that view?