Professor Alan Ahearne:

That ... I think the view was that particular bank, which had big problems at that stage - much of it was still under the carpet - that that particular bank would prefer not to face up to the reality that they had made huge loans - speculative property loans - and there was going to be huge losses on it. So, I think he recognised that, yes, there was going to be opposition from certain bankers to the facing up of reality, but he was determined that people were going to face reality. He knew full well - I mean, I had discussed this with him - that the international evidence was that if you try to hide it, the costs don't go away, particularly the cost to ... the public cost, the cost to public finances or ... and to the citizens. They accumulate over time. It doesn't get any better, it gets worse and you have to face up to the problem, and he was determined to do that.