Mr. Brendan McDonagh:

In 2007 we had no idea. We had a concern that international markets were acting strangely, Northern Rock happened a month later. We felt validated by our decision and as deposits matured we just kept them back in the Central Bank, other than the deposits which we had placed with AIB, Bank of Ireland, Irish Life & Permanent, EBS and Anglo Irish Bank, and we had no deposits with Irish Nationwide Building Society.