Asked about the speculation yesterday, following a meeting with Mr Thomson and board chief executive Brian Rousseau, he said, "I think people are getting ahead of themselves.
"I certainly didn't tell him he was going to get the sack."
In the meeting which lasted more than an hour, Mr Thomson and Mr Rousseau provided Mr Ryall with a briefing on the background to the fraud involving $16.9 million.
Mr Ryall said the fraud involved some very serious issues and he would be giving the matters raised in the meeting full consideration.
He repeated his view that there was a need to restore confidence in the board.
It was not helpful to speculate on what might happen as a result of his consideration and he was not able to be specific about how long it might take.
Asked if there was any basis to a suggestion he might consider a joint chairmanship of the Otago and Southland boards, he said people were getting ahead of themselves.
In his comments after the meeting, Mr Thomson said it was clear Mr Ryall was reserving his position on what happened next, and until that determination was made, "it is difficult to feel relaxed".
Mr Thomson said he had considered standing aside when the news of the then-alleged fraud broke some two and a-half years ago.
Examination of the situation, following discussion with colleagues, and the then-minister satisfied him that he had done all he could.
"Had I believed there was something I should have noticed and didn't, for my own peace of mind, I would have gone. I wouldn't have stood for re-election," he said.
He had acted with personal integrity, something which was of critical importance to him.
When concerns had been raised, he had acted upon them.
Mr Thomson said he would like to see the board able to put the matter behind it as it was taking up too much time and energy which could be better used dealing with people's health needs.
Mr Ryall said Messrs Rousseau and Thomson had assured him there was a "tremendous focus" on fraud risk management and they had shared that information with other boards.
But he also said that the money involved in the fraud could have gone into frontline services.
"What I've got to consider is what is the best way to restore confidence in the DHB and to improve services.
"Some time in yesterday's meeting was spent discussing Otago's deteriorating financial position which Mr Ryall said was also undermining confidence in the board.
The board's district annual plan for this financial year, which has yet to be approved by the minister (although it is understood negotiations over it with the Ministry of Health have been completed), shows revenue of $511 million and a budgeted deficit of $9.3 million.
At its last meeting in December, the board was told this could be as high as $13.2 million.
