More and more detail has emerged bit by bit about the true sequence of events.And the more we know, the more it is clear that the Government was conned by the bank chiefs who came knocking at Government Buildings that night. Central to those is the role and actions of Anglo Irish Bank on that most crucial day.Messers Cowen and Lenihan have tended to answer that they took this decision based on the best advice available. Now, as we ready ourselves to go to the polls, remember the decision to offer the blanket guarantee was taken against the advice of highly paid experts Merrill Lynch, who were ensconced in the Department of Finance that weekend.
The two main banks -- normally fierce rivals -- now got together to convince the Government to bail them out.
They agreed a strategy: convince the Government to nationalise Anglo, in the hope of giving themselves breathing space. "What surprised me at the meeting was how great the funding pressures were throughout the system. The fact was that the funding available to any of the banks in the system was at best a matter of weeks," Lenihan said.
Fitz Patrick and Drumm asked for Bo I to take Anglo over. Watching the massacre of Irish banks on the stock exchange that day, Finance Minister Brian Lenihan and officials in his department were readying themselves for some form of intervention.
This crucial revelation changes the complexion of events on that Monday entirely. But what happened next took the Department of Finance by surprise.
What is most alarming is that it is clear that Lenihan and Cowen made the biggest decision ever made by an Irish government in an information vacuum. "They tend to minimise their exposures, they have to maintain confidence in their system, so they are reluctant to tell you when there is a real difficulty," Lenihan said of the bankers' demeanour that night.