Professor Patrick Honohan:

No, no. They were not blind to them because, in fact, you know, and I remember around these times of the capitalisation, the PCAR discussions, how much money are the banks going to need, you know, and various calculations being made. They were shifting from day to day and the finance officials, most of whom you were talking to were there saying, "This will sink the State." This sort of ... I mean, they wouldn't have used that phrase but they were very, very worried about the billions that were going to be required for the banks.