Oireachtas Joint and Select Committees
Thursday, 5 February 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Professor William Black:
Yes, but under a good bank and bad bank structure we would normally have put all of that in the bad bank and it would have been wiped out. From everything we can tell, this was designed to do exactly the opposite. They were trying to prevent subordinated debt from doing exactly what it is supposed to do, which is-----
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