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

But the very purpose of this paper was relating to the options available to the authorities in the case of a systemic threat to financial stability. So it was very much on the table, that was the overall purpose of that document, was to look at the different scenarios around the issue of systemic threat; and it did look at banks becoming illiquid, an insolvent institution, the need for ELA, the need for legislation and, you know, my question is again, that in light of all of that, that these were live issues eight months before the guarantee, why was it not felt necessary to check the underlying financial health of the banks in terms of the quality of their loan book, the concentration risk in property and construction, the underlying security that they had for the loans they'd given out? Wasn't that considered?