Dr. Peter Bacon:

It is a good question. The fundamental problem was a solvency problem. It was masked for some considerable time to some people who were looking at it as a liquidity problem, but there was a liquidity issue. I do not think there was anything wrong. The Irish banking system, not unlike some other European banking systems at the moment which are subject to notice, did need liquidity. I do not think there is any difficulty with that, provided that one did not confuse that with the underlying problem of insolvency. It was not misdiagnosed in the end.