Dr. Donal Donovan:

Perhaps I can rephrase it to make it a little bit clearer. Whatever about the European Commission, which Mr. Buti represented, the European Commission is one thing.

It was made very clear in the reports that the Irish view long before September 2008 had been that no bank should fail. This view was strongly supported and endorsed and was taken to be the common view within Europe. Certainly, the European Central Bank then and in subsequent years has not made any secret of the fact that no bank should fail in Europe.