Mr. Brendan McDonagh:

No. I mean Merrill Lynch had produced this report, which they produced, I think on Sunday, 28 September which set out, sort of, a range of options - four, five or six options. It was one of those four, five or six options that we had seen. And that was the report that, ultimately, was sent to Mr. Cardiff, I think, by Merrill Lynch at about seven o'clock on the evening of the 29th. These were all a range of options. But in any of the meetings that we had up to that point, all the discussion seemed to be pointing that it was inevitable that we were going to nationalise Irish Nationwide and Anglo Irish Bank. And when the e-mail came to me from Mr. Beausang on the Friday afternoon, the 26th, it seemed to me ... came out of ... you know, almost came out of nowhere saying, "What about a system-wide guarantee?"