Mr. Brendan McDonagh:

I think, as I explained earlier, Deputy, there was an issue about the extent of the bank guarantee, and Mr. Cardiff approached me and said that there was a view that maybe you just ... that the guarantee should be just limited to the main bank, which is like, you know, the main banks operating out of Ireland, and that it wouldn't apply to their overseas subsidiaries. His view and a few of his colleagues' view was that, you know, that mightn't be enough, because the overseas entities had also borrowed in the money markets and in the euro commercial paper markets. And he asked me my view from a technical point of view, myself and my colleague, Mr. Whelan. And we said, "Well, you can't ignore the overseas subsidiaries because they're guaranteed by the parent and, you know, if you'd decided to guarantee, we think that, you know, you can't ignore the overseas subsidiaries."