Mr. Peter Fitzgerald:

I think the roots of the crisis that led to a liquidity crisis were based on solvency as opposed to liquidity. I don't think that manifested itself in terms of asset values in Ireland or the UK until ... in fact, right out into 2009 and 2010. I think when confidence in, for example, in Northern Rock was lost it was around, predominantly, their lending business but it manifested itself in a loss of confidence in the savings and so, therefore, the liquidity that the bank had built up in terms of its savings and wholesale funding ran, which perpetrated a further crisis whereby they weren't able to meet their liabilities.