Mr. Alan Gray:

I understood from being on the board of the Central Bank that there had been extensive discussions with the ECB in the run-up to the guarantee position because once Lehman Brothers went bust and was allowed, very foolishly in my view, to be liquidated, it meant that interbank funding ended and a world financial crisis happened in 14 or 16 countries subsequently. And the ECB was very much aware of this. There was very regular contact by the Governor, which was reported back in a general sense to the board and I understood as it got near the date, maybe even daily telephone discussions.

But exactly what was discussed, or not, I'm not quite sure.