Mr. Pádraig Ó Ríordáin:

Will I take that? Senator, I certainly recall that view. I don't recall whether that was at that particular meeting because of course there were so many meetings afterwards but certainly I recall that view. And the view was a very straightforward one and, of course, in hindsight it was absolutely correct, which is that, you know, both INBS and Anglo funded their book with short-term debt to a certain extent and, in fact, to quite a material extent. And that meant that they were relying on the international capital markets being open to them at any given time. So, put very simply, they would borrow money for three months and lend it to you for seven years, and therefore they had to keep renewing that money. Once the international capital markets closed, then obviously they ran out of funding. And that was why it was quite broken and also, of course, both Anglo and INBS were just pure property lenders, so they were monoline lenders. So the combination of those two things, I think, is exactly what the NTMA was pointing to and certainly that was a theme from early on but whether it was at that meeting or not, I can't recall.