Mr. David Doyle:

I'm giving it to you now. I could see the reservations that if you did immediately nationalise, the potential was there for ... to undermine the rest of the banks. Nationwide or Anglo Irish was significantly exposed to commercial property, as was Nationwide. So too were AIB and Bank of Ireland but not to the same extent. And that ... the view that you could undermine the guarantee had to be taken seriously. That was the view of the Governor and the chairman of the Financial Regulator.