Professor Patrick Honohan:

That is right because with bonds you cannot just say, "I will have my money back". You have to wait until the bond matures. They were not posing a risk on a day to day basis for the bank that they will be pulled, like deposits could have been pulled, so it would have been very easy for the Government to say, "We are guaranteeing all the deposits and new bonds, subject to approval, but the old bonds can sit there and let us see what happens to the bank. Let us see how this plays out and, if need be, a bail in". Under the new rules-----