Mr. Paul Gallagher:

No, you could have let Anglo go on its own, you didn't have to do anything, but the judgment was made that leaving a bank that, I think Governor Honohan in his report says was "of systemic importance", systemic not that we needed this bank but systemic importance in terms of the consequences. And one of the things that was apparent from the information given to the Government by the other banks was the other banks were distinguishing between Anglo and INBS and themselves and understandably so. But the report that they gave us of the reactions from the money markets was Ireland was untouchable. And if you have one bank go, given what was known as the overexposure to property, the ready consequence I assume - and others are better positioned to advise on this - was they'd say, "These other banks have huge exposure to property. There may be distinctions but we're not convinced and the whole lot goes." And that was the calculation made with regard to Lehman Brothers and it went so badly wrong and I think there was a huge fear that if that gamble is taken, that things would just be out of control. And those are the judgments that have to be made and were made.