Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Thank you, Senator. Mr. Cowen, I just want to deal with one more question and then I propose that we take a short suspension. So just one question before we go. I just want to revert back to your opening statement of this morning and it's point 79 of your opening statement in setting out your reasons for making the decision for ... to guarantee the banks, you say: "It was strongly stated [it is the very top of the page there] to us by our own regulatory authorities that this was a liquidity problem and not a solvency problem." Given these circumstances that you've outlined, and particularly the need to inject liquidity back into the system quickly, what different approach could have been taken, if the true financial positions of the banks had been known on the night? And would have an alternative approach in any of these ways have reduced the losses, which were ultimately sustained by the Irish taxpayer, given the apparent insistence of the ECB that no bank should fail?