Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I don't know what the situation was around the time of the guarantee because that was long before I took up office but I know, from my subsequent interaction in Europe, that many Ministers in Europe and many treasuries in Europe and many bank governors in Europe were upset about the fact that Ireland introduced a blanket guarantee unilaterally. So there was relationships to be repaired, there's no doubt about that. I mean, even in the UK, the first effect of the guarantee was that funds began to flow from the UK banks into the Irish banks and that began to put pressure on the UK so, you know, there was concern.

What did we do? I should also say, I think, that my predecessor ... Brian Lenihan's reputation was very high in European circles and he was held in high regard so I was building on that and spending a lot of time talking to people. You know, the formal part of the meeting in Brussels works on a fairly tight agenda but the real business is done en margeand building up the relationships en margewas very important. And I think the Taoiseach followed the same line and Ministers were instructed to attend all meetings that they were required to attend and to rebuild relationships which seem to have been damaged.