Mr. Kevin Cardiff:

Well, in terms of NAMA, they didn't advise at all but they gave huge help. Remember, there were two things ... two almost prerequisites for NAMA to work. One was that it didn't immediately add, in an accounting sense, to the national debt - and that was that was managed by a ... we were very transparent about what we were doing but we created an extraordinarily artificial structure to keep it off the debt in which, you know, the entire NAMA structure sits on about a €20 billion investment from the private sector, it's an amazing ... it's a fiction. It's a real fiction, I mean, there's no credit problem but in terms of accounting, it's a fiction. And we were very transparent that we were doing this.

On the bailout, well, remember what I was talking about was negotiating tactics and in a negotiation there are tactics but, in the round, the ECB gave, at its risk, enormous amounts of capital ... of funding to Irish banks, without which Ireland, as an economy, would have had much greater difficulty. So ... and I think I brought attention to this ... what I think is the irony. The irony is that, at the same time as they were talking down their involvement with Ireland, they were in practice giving us much more. So, practically speaking, they gave us great help but, publicly speaking, they were a little bit reticent. So I ... I ... and that's what I'm trying so bring attention to. This is a public inquiry about bringing the facts to light. Some of the presentation of the ECB actions are not as transparent as they ought to be.