Brian Cowen (Laois-Offaly, Fianna Fail)

The issue was based on the knowledge that was available to our Government and the expert advice we received at the time confirmed that an overall guarantee was what was required. It has been confirmed by Professor Honohan in his report that an extensive guarantee was required, given that if there was not a guarantee to the system, the whole financial stability of the State and the banking system was at risk, and indeed would have had an implosion within days. Those are the facts.

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