Mr. Mike Aynsley:

See, I think this issue of "systemic" is an interesting one because the systemic importance of Anglo Irish Bank changed as the market evolved. There was a massive level of international funding supporting all of the Irish banks. Of course it was a very, very high proportion of funds supporting Anglo Irish Bank from the international capital markets and I think we all know, with the fall in the markets and the reputational damage done to Ireland, that virtually all foreign jurisdictions began to withdraw funding from Ireland and this was a major problem. If ... in the early days, Anglo Irish Bank had large pools of retail deposit funds from the UK and they also had large pools of wholesale funds from the debt capital markets globally and from corporates globally. As time progressed and the bank wound down its asset portfolio and repaid a lot of these - and, indeed, a lot of them were replaced with short-term funding from European Central Bank - the systemic importance of Anglo waned.