Professor Patrick Honohan:

Okay. So, it ... it gave ... the guarantee gave a sort of silent window when pressures were building up to a certain date. Now, did it lead to the ... did the guarantee lead to ... if it had been a three-year guarantee, yes maybe the crisis would have been at the end of the third year, instead of the end of the second year, so the timing of when things came to a head was certainly exacerbated by the fact that the funding cliff had built up with a view to the end of the guarantee period. But the, the total sums and the borrowings that had to be made, I don't think were in any way altered by that. And if it had have been a one-year guarantee, the cliff would have just come earlier.