Eamon Ryan (Dublin South, Green Party)

I also have a concern about the delay in addressing the fundamental difficulties in our banks that would result from this proposal. In addition, Fine Gael referred to the possibility of defaulting on subordinated debt. I agree it would not be difficult for us to say to bondholders that they took a risk, which will lead to a loss. However, if one examines what has happened in our banks, that loss has happened. The bondholders have taken a hit of up to 75% in some cases. I do not see where that magical, easy source of funding is in terms of tackling bondholders.

The other alternative proposed is the default option, whereby we default on our bondholders.

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