Mr. John Gormley:

The full guarantee of the institutions and what was outlined in his e-mail. He did not favour the idea of nationalisation. In our telephone conversation I had put it to him, and I had put it in, you know, in a broad way because I recall quite vividly that he wanted to know what the Minister had decided. Now, I was not in a position to tell him that because we hadn't actually made a Government decision at that stage, nor would I have told him in any event because I was aware of his dual role. He was giving us advice but he was also a journalist so I had to be extremely careful of what I said. But when I did talk about nationalisation he said ... and the way I put to him and I do recall, "What is wrong with nationalised banks?" That is the way I put it to him. He said, "No", absolutely, and essentially, the message was that markets don't like nationalised banks and so, therefore, nationalisation was off the cards. And he was ... I think he explained it in the e-mail but also I think he explained it in a newspaper article that he wrote for The Sunday Business Postas well, the ideas that he was putting forward, how this was to be done and that is what followed.