Mr. Dermot McCarthy:

-----would have significantly weakened the effectiveness of the guarantee, given the structure of the funding that the Irish banks had. So my recollection is that the Minister replied to him, giving undertakings to monitor the extent to which that form of funding happened, so that the disturbance of the ECB's management, if you like, of interbank transactions wouldn't occur, which I think was his primary concern, that this was potentially going to distort something which the ECB regarded as a particular priority.