Dr. Michael Somers:

I wouldn't have been terribly concerned about the guarantee up to €100,000. I mean, that was done. I don't think we were consulted or involved or anything in that, but, I mean, it wouldn't have caused me any undue concern. I think the British subsequently went up to £85,000 or something, sterling. It was just ... Deputy McGrath put to me, I think, about what I would have done if I was there on the night. I mean, my general approach to things was I didn't give anything unless I was absolutely arm-twisted to give it, but I would have been very concerned about a run on the banks, particularly a physical run on the banks if you have people panicking because you don't know where ... how you're going to control it then. It's out of your hands; you've lost control. So, if I was asked, "What do we do?" I would have said, "Yes, we guarantee the deposits." Guaranteeing bondholders I would have ... I think I would have said I'd long-finger that and I'll think about it because I just don't know and there wouldn't, as far as I know, have been any legal obligation on us to do it just because we guaranteed the deposits, because we were not the owners of the banks. But, down the road then, I don't know. I mean, maybe we would have had to guarantee them anyway.