Mr. Brian Cowen:

Well, I don't agree, Deputy, that it was seen as likely to be done. I agree, I take the point that the scoping paper was about setting out options, or having a look at what all this various scenarios or spectrum of possibilities might be. But the concentration was on an institution-specific problem rather than a systemic problem. Now to come to your point, should the regulatory authorities have insisted on whatever powers were available to them to go in and look and see what the situation was, maybe that's something that you've put to them already. But as things stood, this official-level group were going to engage on work whilst the analysis was it was a liquidity problem which was not pressing at that time. It's not to suggest that complacency, it's just to suggest that that was the approach that was adopted.