Mr. Alan Gray:

No. I felt there was ... on 25 September, I felt there were four issues that needed to be dealt with. The first one was the issue of liquidity ... that I felt that there was a restructuring and action in individual banks that would be required. And if one looks at the actions to reduce risk and potential Exchequer exposure in specific individual banks, which I outlined, I identified three options: one, management changes; one, restrictions on loans; and, thirdly, a managing down of the loans. And that is really an ... like, banks need capital depending on their scale and size and there's two ways of really addressing that - one is to put in more capital or one is to scale down the organisations. I also felt that in relation to banks, the best option, if it was feasible, would be to sell the banks or sell part of them to a institution that would have a wider capital base. And in my response to individual banks who had liquidity issues, the options that I had outlined was to seek a trade sale as a strong ... to a strong, credible institutional buyer and I pointed out that that was the best option and should be pursued but it was unlikely to be feasible in the current circumstances. So there was ways, in dealing with the potential issues that would need to be dealt with subsequently, that might have, you know, have involved responses other than the State putting in capital.