Mr. Dermot McCarthy:

Well, it's possible that both were right, clearly, in that there was a problem in the international wholesale market for interbank lending. They were frozen and small countries generally, small banks in small countries, and Ireland, in particular, was at the sharp end of that, so the availability of normal short-term funding had dried up. So that was one issue. The question of whether separately there was a lack of market confidence in the banks as ongoing institutions, I think it is true that there was concern, more than concern at their property exposure in an environment where property-related exposures across the international system were regarded as deeply problematic. Whether that meant that the market was calling it correctly, in so far as that was a market view at that time, I'm not really in a position to say.