Mr. Michael Walsh:

Well, I mean, certainly the meeting ... and I would have said it was entirely self ... I think the meeting was actually proposed by the regulator because obviously, you know, I mean, when a story breaks like that ... when I say I presume it was by the regulator, I mean, literally, I was talking to the regulator I would say, you know, 20 minutes, half an hour ... so I would say on that ... sorry, after the story broke. I would say that, in practical terms, you know, we had discussed, really, what needs to happen now in terms of precaution because obviously the society was different to the banks in the sense the society used to open on a Saturday morning, so, you know, there was a danger, effectively, that the story could actually do a lot of damage even on the Saturday and, consequently, you know, the focus really of the Friday night conversation was probably in relation to, kind of, Saturday, making sure that there were contingencies there, no queues and all the rest of the things that you saw with Northern Rock.

I think, the meeting ... the other meeting ... I can't remember was it a Saturday or Sunday but, you know, I am aware of the fact it didn't go well and, you know, certainly the explanation I heard at the time was that, you know, all of the other institutions were actually suffering from the same degree of concern in relation to liquidity as the society. I have to say I hadn't been aware that they were in nearly as bad a situation as subsequently has turned out to be the case.