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

Okay. Sorry, it's been presented to the inquiry ... I misunderstood it if that's ... I wasn't trying to mislead myself. You state that you were asked to "obtain your views as a director of the Central Bank on the likely market reaction". The question - really, there's two parts - what were the options discussed? And which is, in your recollection, the correct recollection of events of that phone call? Did Mr. Cowen ask you what you thought of the guarantee option being used or did he ask you the much narrower question about what the likely market reaction to that option would be?