Professor Patrick Honohan:

There are a number of things one could say about Anglo Irish Bank. It is a bank that Ireland could do without and, indeed, does well without now. If it had not been in the market, the Irish economy would actually have been much better, but it certainly did not need that as a channel for - in that sense, it was not an important player and contributor to the Irish economy. Separately, would liquidating and pulling Anglo Irish Bank out of the market and imposing losses have created a systemic risk and was it systemically important in that sense at that moment? Yes, absolutely. There is no dispute about that.