Professor Patrick Honohan:

Yes. I think it should have been intervened. The management should have been removed. That would have been more clear if they had known the size of the problem but all the investment banks that looked at it saw that Anglo's business model was not credible in the market. It had run out of cash and it had a big problem with its portfolio, which would have eaten through its capital even though they did not think it would eat through the senior bonds.