Brian Lenihan Jnr (Dublin West, Fianna Fail)

The entire banking system faced collapse at that time. Funding for our banking system had all but dried up and the banks faced closure within days. Deputy Burton quoted from Professor Honohan's report. I, too, have quoted from that report. I accepted that the Governor had reservations about some of the categories included in the guarantee. It is important to note that the category of subordinated debt about which he expressed a specific reservation was one in respect of which no principal payments were made by Anglo Irish Bank or Irish Nationwide Building Society.

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