John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Thank you, Chairman. Good morning still, Mr. Gallagher. I've a few brief questions. Most of what I wish to ask has been asked already. In response to Senator Barrett earlier you said that because Ireland didn't have huge resources, it needed to give a legal guarantee to make it credible. Do you accept the view that some people would hold that, ultimately, perhaps because of the nature of the guarantee, that the markets passed a judgment on it that it ultimately was incredible?