Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

In your witness statement you take us through the key events leading up to the autumn of 2008, and you refer to the Northern Rock issue in the autumn of 2007, then the so-called St. Patrick's Day massacre where the share price of Anglo took a hammering, and then you come to the collapse of Lehman Brothers on 15 September 2008, and you say at the end of that paragraph on page 6 that "While having survived two material events [the previous two, Northern Rock and the St. Patrick's Day share collapse], the events of September brought a new level of uncertainty for the staff and management of the Bank and with the share price now below 30c, I believe most of the senior staff honestly felt the Bank would not recover."

So, can you elaborate on that? Who were you talking about there? And on what are you basing that assertion that senior people in the bank felt the bank would not recover? And what does "not recover" mean?