Professor Patrick Honohan:

I just don't know anything about that. I did see some interchange, I didn't watch all the ... with some of the Department of Finance officials and suggestions about whether the banks were co-operating. I just don't know. I do ... I could comment for the period that I was involved, from 2009, 2010. That part, the banks were very resistant to the idea that the losses would be anything like what we were suggesting in March 2010. First of all the NAMA losses, they couldn't believe it, they said these ... and they wrote very tough letters ... saying "You can't impose this on us, it's just based on a handful of loan valuations." But we held our ground. And the idea that there could be 5% loan losses on residential property, they thought was completely off the wall.

So, I think rather than ... rather than them have ... knowing something and not wanting to tell, I think, they, too, were still in a state of denial and didn't realise it.