Oireachtas Joint and Select Committees
Thursday, 15 January 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Professor Patrick Honohan:
It could have been less than the €40 billion. The Cathaoirleach asked me what was the cost of the guarantee but the cost of all the austerity measures is much bigger than the cost of the guarantee. It would, therefore, be a mistake for people listening to our conversation to take from this the idea that money could have been saved and there would not have been any austerity.
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