Mr. Brian Cowen:

Well, it's true that what the success of the guarantee on the night was to restore liquidity that was badly needed at that critical time. It was a success for a short time and as you say, sentiment against Irish banks continued. But it also provided us with the time and space to try and deal with the issues as they arose, including a recapitalisation and other arrangements that had to be put in place like NAMA and all the rest of it. So, you know, I am not suggesting, no more than the guarantee was the source all the problems of the Irish banking system, I'm not suggesting the guarantee was the source of all the solutions to the banking system.