Ms Ann Nolan:

Post the guarantee? The reality is we did look, you know, the crisis was ongoing and we couldn't allow the ... we couldn't give ourselves the luxury of taking six months to look at every single loan because the banks might have collapsed in that time, which would have left every small business in Ireland without a proper banking system. So the first recapitalisation was done on the basis of relatively little due diligence in that sense, relative to whatever happened afterwards. But also, the position kept getting worse so even if we had looked at everything, a lot of the loans were perfectly okay at the beginning of 2009, they were very bad by 2010 or 2011. Things got worse over the period.