Professor Patrick Honohan:

I think it will end up less, the same way our €64 billion comes down. I think it will come down a lot. There is a story there. There is a tendency for people to say that the Irish did something, but it was a factor. There were discussions around that. I believe it was a distracting factor for the Irish authorities in the days leading up to it and perhaps a constraining factor against the use of ELA, because there was no way the Irish Government was going to guarantee ELA given to Depfa Bank. There were conversations around that and there were conversations about what we were going to do if our banks ran out of cash.