Mr. Paul Gallagher:

Of '08. On 15 September Lehman's collapsed and that is said very frequently and sometimes perhaps its significance is overlooked. Its significance, so far as I could see, was this; that here you had a major bank collapsing and being allowed to collapse. You had in Ireland a series of banks we thought were big and were too big for us but were very small in international level. And there is no doubt that the funding dried up. The preparations intensified between that period and the-----