Mr. Alan Gray:

I did not give any advice in relation to nationalisation. I did not give any advice in relation to the bailout but I did point out in the evidence that I submitted that I and some other external economists were invited to a meeting in the Department of Finance, some time in October, to give our external assessment of what was likely to happen in the economy and what would that mean for public finances, and that was prior to the bailout. But I put that in for full disclosure in case people would be saying, "Well, that was actually related to the planning for the bailout," and it may well have been.