Mr. Brendan McDonagh:

Because, I suppose, we were always sceptical about the business model of Anglo Irish Bank. It was, effectively, a monoline institution with, effectively, just mainly property lending, and that it had rapid growth and we just couldn't understand the business model. And, as the liquidity crisis began to hit from 2007 onwards, we could see that there was pressure coming on all banks, but we became aware through our meetings in ... from mid-September 2008 onwards with the Central Bank and Financial Regulator and Department of Finance, that they were ... their funding was probably under the most pressure.