Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Yes, that's the one, the one of 11 October '08. That's it. In the ... in the fourth paragraph of that, it says - one second there now - "Surely the objective of the guarantee of" ... and this is October '08 now, I'll remind.

Surely the objective of the guarantee of this dated subordinated debt from our point of view is to give the covered institutions the ability to access at least two-year term funding to reduce their reliance on short-term funding, thereby avoiding the liquidity squeeze. If any covered institution was to issue term debt with a maturity longer than two years, then the market would want to be compensated for that by an appropriate step up in interest rate pricing and that would be entirely commercial."

So basically what they're saying there is that the guarantee is going to be called in, or would be called in in that regard. So, can I put the question to you, Mr. Doyle: did this structure or design of the banking guarantee, along with the period of duration as outlined here, have any relationship to the Irish State entering a bailout programme two years and two months later, after the banking guarantee had expired?