Professor Patrick Honohan:

Nobody. I think of course, if one has been involved in supervising the banking system it is very difficult to turn around and say, "I think I have missed something here, something really big." It was going to take a lot of evidence to convince them. The investment bankers who came in - of course very superficial - said there were problems but none of them said this bank was going to go down and is going to cost €X billion in over the capital. It is in the public arena. One of the notes says if the scenario is as bad as the scenario envisaged in this paper, then Anglo could burn through all of their capital. That was the worst scenario they said although they acknowledged that there were further risks. That is the problem with the guarantee - the risks are open ended.