Mr. Dermot McCarthy:

In that discussion and, indeed, in many discussions on banking matters, I had no particular expertise to bring to the table. So I was listening to the debate to, I suppose, assist the Taoiseach in trying to refine what were the net issues. And it seemed to me on the particular issue of nationalisation that the case that this was something which could have a negative as opposed to a positive outcome, was credible. And it was enhanced by the fact that you could move on and nationalise later. But if you made an announcement about nationalisation that wasn't well received, you couldn't undo it. So from a purely prudential practice point of view, it seemed a logical approach to take and in that sense I was happy.