Mr. Brian Cowen:

Okay, but listen if you're not going to trust ... you know, you've got to trust somebody in this situation Deputy and you've got to be able to say, you put it to your people, you put it to your Governor of your Central Bank, you put it to your regulator, you know ... you've got to say "Where ... what is your view on this as we speak? What do you think is the situation and what's your basis for saying that?" and they gave us the basis for saying that. Now, the point I'm making to you in turn, and I accept these are difficult situations, if it's insolvent, what do you do with it? If you let it go you're told "It's a disorderly wind-up and you're in bigger trouble." If you nationalise it you're taking on all the liabilities there and then anyway. So now you're taking on the losses. If you go with a temporary guarantee and a contingency and you hope the liquidity thing will sort itself out, you may well end up in a situation where you might have to provide some recapitalisation down the line but you will have a shareholding for it in a bank that's viable, or that bit of it that's viable.

You're trying ... these are ... you know, and I'm ... I know by the, you know, the questions you're asking me that obviously you, you know what you're talking about as well. I'm trying to explain, you know, you can't ... you've got to ... what's ... you can't kill everything with the one stone, do you know what I mean? You can't ... you've got to say "What is the most important thing here as we ... from where we stand?" And the most important thing from where we stood was, if there isn't cash got into this system pronto, now, immediately - if we don't get that in, this whole thing can go wrong on you.