Mr. Brian Cowen:

When you can provide sufficient eligible collateral to obtain liquidity assistance from your central ... from your European Central Bank, then you have ... you're demonstrating the ability to continue in this tight liquidity situation. We'd reached the situation in relation to Anglo Irish Bank then, where that ... they had run out of cash. So now you're next ... you're down then to some ... you're down then to ... do you let this illiquidity become an insolvency and let it go? What's the impact of that in your wider economy? It's devastating from the advice we're getting, okay. It is systemic and by the way, there was a lot of debate in subsequent years about whether it was systemic or not, Patrick Honohan makes it very clear it was systemic. He makes it clear that a guarantee was required, he has views as to the extension ... the extensiveness of it but he accepts it was required. So, you know, that's ... when you've reached that point you have to make these decisions and ... what I made in the point earlier as well, Deputy Murphy, is that post-Lehman's, post mid-September, that trigger point meant that the liquidity problem that was being managed - being managed with difficulty, but being managed - turned into a horse of a different colour altogether and that's a problem.