Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

But, in hindsight, Mr. Cardiff, was it not a mistake to insist, earlier in 2008, when there were serious concerns and different scenarios were being examined ... was it not a mistake to insist that the underlying health of the balance sheets of the banks would be examined, that the loans that they had extended would be looked at in detail, the underlying collateral, the likelihood of being collected, the concentration risk in certain sectors? Within weeks of the guarantee decision being made you had information, for example, that the banks had loaned out €426 billion, including over €200 billion to property. In early December there's a note from Jones Lang LaSalle and PwC that the value of assets to different banks would be ... were overstated, in AIB by 40%, Nationwide 40%, Bank of Ireland 25%, Anglo 25%. And, what I ... what I'm putting to you is, was not the single biggest economic decision of the State made with incomplete information?