Mr. Brendan McDonagh:

Yes. I think, when you look at the ... again, at the growth in the balance sheets of the banks between 2003 and 2008 ... the banks were lending, but they were effectively lending to a longer-term asset class, which was property, but they were funded by short-term cheap, wholesale money market deposits. So, they were borrowing at, you know, one month, three month, six months at around 2% ... a lot of it, you know, German money coming into Ireland, looking for a home. And, you know, once the crisis happened, all those depositors withdrew, took their money back and the banks were left long on assets but short on cash and, of course, that again precipitates, I suppose, the initial ... and I've looked at this across other banking systems which collapsed - I know some of you have as well - and it's a common feature, you know, the quick liquidity leaves the system first and, you know, and then you've got to try and fiddle that liquidity gap. So, it's not uncommon that the first signs of a banking crisis is that people think there's a liquidity crisis, and, in fact, it's not a liquidity crisis at all.