Ms Cathy Herbert:

Sceptical. They ... I mean they were worried about the ... you know, exactly this whole idea that the banks were sound, they were sceptical of that that was the case. Kevin Cardiff says that in his advice ... in his evidence, as well. And they ... that's why they pushed for PwC to be brought in to - and the NTMA were also quite sceptical - to look at the banks. And of course they came back with advice that was ... that they were actually sound and that ... and this was an ongoing difficulty. I mean, the whole recapitalisation and getting to the end of what was happening inside the banks was a running sore throughout the crisis. And it was ... he did express frustration but, I mean ... I think also that the situation was worsening as property prices went down. Obviously the situation in the banks was getting worse but it was quite remarkable that the banks seemed to have such little handle, themselves, on their own exposures.