Mr. Paul Gallagher:

I think that ... I think it lost its credibility over a period of time. I think it did and I think - this has already been identified by other witnesses - as problems emerged in the banks and as it was clear that it was difficult to get to the bottom of what the deficit was ... so while there's uncertainty as to what the deficit is, there is uncertainty in the markets and they became very concerned about the contingent liability of the State on foot of the guarantee. But the point I wanted to make was, it seems to me ... and, again, it's the financial experts whose views on this matter but if you are Germany, you have enormous resources, you can pout €50 billion into the banks. And I think it announced - Germany - a €500 billion package for its banks very shortly afterwards. The UK did the same in terms of its support of its banks and it was in a different position, it was outside the euro. Ireland wasn't in that position.