John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I just ... My final question then is in relation to the actual phone call which I touched on at the start. The options that were discussed ... I just want you to briefly outline them. Mr. Cowen, in his testimony to the inquiry said - and I want to quote him directly - he said:

I phoned him and asked him what he thought of a guarantee option being used. Mr. Gray emphasised that providing a guarantee would, obviously, give an advantage to those institutions to whom the guarantee would apply vis-à-viscompetitors, since they would have the backing of the Irish Government.

In your statement to The Irish Timeson 14 January 2011, written on your behalf by a legal firm I understand, provided to the inquiry-----