Professor Patrick Honohan:

Absolutely. An important point is that people say the Irish Government guaranteed the €440 billion but only 10% of that was actually called, so it really matters which elements of the guaranteed amounts might not have had to be paid. There was an issue, and we can discuss this at great length now or when we talk about the bailout, around what could have been bailed in in 2010 and what might have been bailed in in the context of the new regulatory arrangements in Europe, bank recovery and resolution directive, BRRD, because the whole attitude in Europe towards bank failure has changed.