Mr. Liam O'Reilly:

Well, let's put it this way - if we were going to move against an institution, at any stage, that ... we would've felt being banks, they have, they have the tendency to have contagion effects. An example I've seen in the inquiry is the one of the night of the guarantee, where there was a worry that if any question was raised about any bank, it could have huge effects on the whole system. It was that sort of attitude that was around, to a certain extent. That's why we felt we would be better with an administrative sanctions system and I can talk a little bit later about that. But, at the time, we should've applied a condition to the institution.