Mr. Brendan McDonagh:

Sorry, Senator, just so the thing is complete: the chief executive of Anglo Irish Bank, Mr. Drumm at the time, and Mr. McAteer, the CFO of Anglo Irish Bank, sought a meeting with Dr. Somers, John Corrigan and myself in October 2008 after the bank guarantee, where he came to Treasury Building, basically to make a presentation to the three of us, along the lines is, you know, "This is a liquidity problem, Anglo is a very good institution, we know the assets we lent on, we know the debtors that we lent on ... it's a very simple business model, we borrow, we charge a 2% margin, and you know ... we've a better business model than the AIB and Bank of Ireland because we have a lower cost base so we have that done ... some of the big land deals that were done in 2007 and 2008, Anglo wasn't really involved, we're stepping back from the market, we're focusing on expansion overseas." So he came in to sell us a story and we listened to that story, and that was it so, that was the only meeting I can recall in terms of, I think it was October 2008.