Mr. Marco Buti:

The logic and the, let's lay, the underpinning of ... and the rationality of a blanket guarantee was based on the fact that one would consider the problems of the banking system being only a liquidity issue. If you have a liquidity issue purely, then you can do that, then it's about volatility that can be ... can be overcome very quickly and this is ... then you can do that ... you put the big bazooka guaranteeing everybody ... liquidity then is restored and the system continues as it was before. What was ... I think what became clear very quickly is that considering the interactions between the growth model of Ireland based largely on housing growth and the boom and bubble that we ... at the time and the heavy reliance of banks in their portfolio on mortgages, it was clear that the bust there that was ... gave rise not only to a temporary programme of liquidity but there was an issue of sovereignty so the banking ... the banks had to be restructured and, from that viewpoint, the blanket guarantee clearly did not help.