Mr. Alan Gray:

Well, I think, Deputy, to be, you know ... in terms of fair procedure, the statement went on to explain the issues that I was ... dealt with in that discussion, which, if you took a very narrow interpretation of just market reaction, then it wouldn't have raised issues that I raised, which was that the bank should be forced to pay a fee for it and that it should be time-limited because the longer you give a guarantee, the bigger risk to the State.

And so, I don't see any difference. I wrote that statement, not with any legal assistance or any legal advice. And I had a significant dilemma in writing that statement because I have always operated as a very professional economist, operating with commercial confidentiality. When that issue became a matter of national public debate, I was extremely ill at the time and I wasn't quite sure how to respond. Other people didn't make any statements and I still don't know to this day did I made the right call in trying to balance professional confidentiality and in terms of having public disclosure, but I made that decision.

And it ... I have had discussions with the current Taoiseach and previous Taoiseachs and previous Ministers and I would never dream of making a public statement about them. Even this morning before I came to this inquiry, I was asked advice from very senior people in the Prime Minister's office of another eurozone country. But I don't go issuing public statements about contents of discussions I have, because it is the epitome to independent professional conduct. But I made that decision and I don't know whether it was the right one or not.