Professor Patrick Honohan:

In the view of the Government and in my view, there are two strands in the restructuring of bank debt. One is the issue of the promissory note, which is to do with the ECB, and the other is the issue of the capital injected into the other banks as a going concern. That is where the intergovernmental money from the European Stability Mechanism, ESM, would be relevant. I do not like to cross over as I am not sure one can get as much money.