Mr. John Moran:

This was one of the things that worried me most about the May announcement. One of the practical steps recommended to firms was to conserve cash. I am sure that advice did not go to Government Departments and agencies, nor should it have. That is good advice for a business in trouble on its own in the economy. In May and June, businesses were in trouble while every other business was also in trouble. This is why liquidity is so important. If I stop paying my bills to a creditor, the creditor is in trouble. What I really need is a quick injection of cash so I can pay my bill to Deputy Burke and he can pay his bill to somebody else, who can then pay it to Mr. Butler and eventually Ms McCabe will get paid. Otherwise there is contagion; every bill across the system stops and everybody runs into trouble. A small amount of liquidity at the beginning of that chain releases the problem five or six links along it.