Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Can I ask that the next document would be put up, please, and this is the January 2008 paper, which is "Financial Stability Issues - Scoping Paper". And if you just look at the very top of that, Mr. Cowen, the purpose of the paper is set out, "to identify significant issues relating to the options available to the Irish authorities in the case of a systemic threat to financial stability, as well as consider any issues regarding the structures currently in place to oversee financial stability planning arrangements and also to manage a financial crisis". So, contrary to what you've just said, the issue of financial stability, and the issue of a systemic threat to that stability, was being actively considered in January 2008. So I go back to my very first question, which was: in light of that fact, and this was eight or nine months before the issue of a guarantee was executed as such, why did the authorities and why did you, as Minister, not insist that there would be a detailed examination of what the State may well have to take on? You were taking on, eventually, the liabilities of banks. That was clearly a possibility at this time, and yet why was that work not done, to go in and have a detailed check on the health of the banks?