Michael D'Arcy (Fine Gael)
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Mr. Cowen, you said earlier that the market sentiment had to be addressed prior to the night of the guarantee. And I'm quoting Department of Finance booklet Vol. 2. I'm not sure if that booklet was made available to Mr. Cowen but the, it's the memorandum from Merrill Lynch, it's page 113, dated 28 September 2008. And the second last paragraph, the last line of that and it states, "The liquidity issues facing [the] Irish banks are compounded by investor concerns with regard to the high concentration of commercial property risk in their respective asset portfolios." Mr. Cowen, the market analysis proved to be correct and can I ask you your-----