Mr. Brendan McDonagh:

Yes. I remember a subsequent meeting that Mr. Corrigan ... this was after the bank guarantee and Mr. Corrigan and I were pressing hard for a real deep dive review of the banks after the bank guarantee because I think there was a fear, certainly amongst myself and John Corrigan that, you know, the guarantee ... the view amongst the system was that the guarantee had worked - "Sure there's a huge flow of liquidity back into the banking system after the guarantee was announced and, you know, sure this proves the guarantee was the right decision." And we pressed very hard to say "Listen, hold on a second here, we know nothing about the institutions. It seems to us that you don't know a huge amount about the institutions either. We need to get a third party in to do some work."

And I remember it was one time myself and John went to a meeting at Mr. Neary's office in the Central Bank which was attended by himself, Ms Burke and Mr. Horan and we had a discussion about whether this should happen or should not and myself and John were saying. "You've got to do it. You know, you need to get in there, start this deep dive." And I remember Mr. Neary turning around at one stage to Mr. Corrigan, who was much more forceful on the issue than I was, and said, "John, you are not the regulator. I am the regulator. I will make the decision." And, of course, we ... myself and John, we weren't the regulators - Mr. Neary was the regulator. But it was probably the one other occasion I can recall where Mr. Neary got very testy with John and myself.