Ms Cathy Herbert:

It was afterwards and it was ... obviously it was ... once we went in and looked at the state of the ... of the banks, it was clear that they would have to be recapitalised. And there was no option but to recapitalise given that the banks ... obviously there was a possibility of selling ... you know, of the banks selling some of their assets - for instance, AIB and the bank they had in Poland. These were options but it was clear that they weren't going to get enough money on ... privately - from private sources - and, therefore, we would have to recapitalise them, otherwise we wouldn't have had a banking system.