Mr. Michael Walsh:

Sorry, you know, when I went back again and, you know, reiterated to them in May of 2008, "Look, these are the problems in the system. You've got to wake up and got to deal with them", you know, at that point in time we were continuing to build liquidity. You know, we had contingency facilities, from, I think it was, Danske Bank, at the time but, you know, we were building and we were looking at other avenues. So when we got to the beginning of September 2008, we had sufficient cash to meet all of the bond repayments through to the beginning of 2010. In that context, you know, particularly when you have such a short duration loan book - as I say, if there hadn't been complete dislocation in the markets we would have expected to realise half the loan book over the period of 2009 - so we had, you know, a very viable model at that point in time. Now, obviously, what happened in 2009 and 2010, the markets continued to remain frozen and that gave, unfortunately, all of the impacts that we saw subsequently. But, you know, if you had done a review at the beginning of September in 2008, I think you would have come to the exact same view as Mr. McDonagh was coming to at the end of September 2008, which was, you know, the society has €3 billion in cash, which, as I say, kind of, 60% of the amount that the NTMA had.

The leakages or the withdrawals of cash at that point in time, you know, they would have been higher earlier in September, immediately after the uncertainty caused by the story, but then you had the guarantee raised to €100,000, I think on 20 September, and after that the outflows from the society dropped dramatically.

I think, just to put it in perspective, on I think it was ... what was it ... 29 September, was it the day of the guarantee ... the outflows from Anglo Irish that day were €2,000 million whereas from the society the outflows were €30 million.