Professor Alan Ahearne:

I would say that I had a discussion with Brian Lenihan, sort of an out-of-the-box discussion, about rescinding the guarantee on Anglo. So we did discuss that for a while. I think at that stage there was several billion of bonds, but those bonds were not going to mature - these are the €4 billion ... were not going to mature until 2011 in any event. It was mostly deposits, and so that rescinding, which would have had all these various negative effects to do with essentially what would have been perceived as a default - as a default on the sovereign promise, but it's still a default - it would have had all those negative effects, and you would have - if you wanted to save money, ultimately you would have ended up discount ... discounting the positives. So we had that discussion and he ... he didn't pursue-----