Mr. Tom O'Connell:

Prior to that, back a couple of years before that, we would have had occasionally very large investors coming to Ireland and thinking about investing in bank shares. And I remember there was a huge ... I think it was the second largest pension fund in the world from Holland came over. We wouldn't normally meet them but I think I was told since they're so important you have to go and meet them. Now these guys in 2005 were utterly and totally sceptical of Irish bank shares. But I mean I had to sit there in front of them and sort of say "Well, yes, they are problems over there all right". In the event they didn't invest but, I mean, people in the know were clear that things were problematic. And, you know, they'd be the people who were reading Central Bank speak and they would have seen that third paragraph in the FSR in 2007 as being a negative message, rather than a positive one, in my view.