Mr. Kevin Cardiff:

Yes, it is. Remember, we were talking about the new globalised financial market in which everyone was fishing for liquidity in this enormous big liquidity pool. It turned out that the liquidity, the globalisation was just on the surface and as soon as that little bit of surface money was taken out, everything was in much more restricted pools, like the tide going out. It looks like it's global but when the tide goes out, you find there's little rock pools. And the Irish rock pool in terms of liquidity for the Irish system was much smaller than it might have appeared. Similarly for other countries and worse. Those other countries and ourselves started saying, "Well, look we better look after ourselves first so, Ireland needs money but we are not giving it to them because we have to look after France or Germany or, you know...". I don't have evidence this happened, but a strong suspicion. Certainly, in Ireland we were trying to say, "Look after each other."