Mr. Peter Nyberg:

If Deputy Doherty looks at the first sentence of paragraph 4.7.9, the commission also states that attempting to buy time would have its own very serious risks, including that market confidence would not have returned sufficiently quickly or might even have further declined. The assumption of the commission is that the Government was not willing to take that risk. One should remember that the first reactions of the market after the guarantee were positive. Money returned to the banks from the market. It was only later that this sort of return changed and the situation went wrong. It is really a question of what risk one is willing to take. Even though it is true that further reflection would have been useful, there really was not very much time for that and it had its own very serious risks, if one would have taken the time. When there is a question of a crisis of this magnitude, it is usually way past the time when one can make serious choices.