Mr. John Moran:

I would not say the situation is the same now as it was then. When that letter was written we were talking about a banking system - I do not have the exact dates because I do not have the catalogue of years exactly right in respect of that - which had €150 billion of funding from the ECB because it could not raise its own funding. There was nobody willing to lend money to the Irish banks and depositors were not willing to put their money in the Irish banks. Not even Irish people were confident about the Irish banks. We are now looking through a lens in which the banks have grown their deposit base from that period by over €15 billion. That is almost 10% of the deposits. We are looking at a system in which they are borrowing money on an unsecured basis using their mortgages as collateral for the first time since the crisis occurred. I do not think of those two situations as the same, but I would not want to question Mario Draghi's views on it.