Professor Alan Ahearne:

When I went in initially there was no discussion of the IMF, but when I went in initially our bond yields had, I think, moved above 5.5% and were heading towards 6%. There was huge outflows from the banking system. So, the risk that the country might not be able to fund itself, that was, that was a possibility. Now, I had no discussion with the Minister about that, but it was possible. The Minister, I know, did meet somebody from ... a retired IMF official, who gave him a sort of briefing about what a programme might look like if Ireland ever needed it and I think that briefing was sent, was e-mailed to me as well.