Mr. Dermot McCarthy:

I don't believe so, Senator, in two respects. In all of the advice and information that was available on the night, I think it was the appropriate response, given the risk assessments that were offered. With the benefit of hindsight, if the knowledge base was what we now know about the vulnerabilities, I don't think we would have got to the night of the guarantee in that way. So, if you like, both in terms of what was presented and what might be a plausible counter-factual, it probably was the right thing.