Mr. Dermot McCarthy:

The problem, Senator, was that the option of a gradual approach, a more incremental approach, wasn't there. In a sense, the increment was from a strong guarantee of retail deposits, which worked in the retail market, into a collapse, or what appeared to be a collapse, of the whole interbank funding system internationally. So, in that sense, the need for, if you like, a decisive game changer appeared to be unarguable.