Ms Mary Harney:

I think at that point there were only two options, it was systemic and that's why it was covered by the guarantee. The only two options were nationalisation or liquidation. You clearly wouldn't want to liquidate when the Government had guaranteed the bank, that would be the worst possible time to do it so nationalisation was the only option. The bank, it was clear to the Government that the bank was insolvent, at that point.