Mr. Brian Cowen:

No, let me, let me explain the situation. What was happening during that time as well, is there's a Central Bank was organising the banks to make sure they had eligible collateral. I mean they may, they might have a whole range of mortgages and if they put them in as an asset-based security or whatever, you know, get an asset-covered security, get all that sort of technical work done, they would be able to get eligible collateral. So what was happening was, the ECB by this time, from September or October of '07, had got involved from the time I think the first problem arose in the Paribas Bank, of providing what they're called long-term refinancing operations. And what that was doing was, providing the liquidity that was being ... supplementing, if you like, the tightening liquidity arrangements that banks were contending with in the new market situation had develop. So, the Central Bank was actively involved in making sure that Irish banks had access to that collateral and making sure that their collateral was in such a way, organised in such a way that they could get that liquidity assistance. And that was what was happening the whole way up, and I was making the point to you that, you know, when you consider, after the guarantee, which had the short-term benefit of stabilising the situation and bringing money back into the system, which was critical at the time - without that, I don't know where we'd have ended up - but getting money back into the system, back to levels that were there in June and July, and we'd ... so do you understand me, June and July, we weren't in bad shape in October in that sense. And we were back to June and July levels, which wasn't bad. In the context of what was happening, I'm not saying it was normal but it wasn't the crisis, if you know what I mean.