Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

In 2008, Mr. McWilliams, in his book Follow the Money, wrote the following:

The question for the state is whether we are looking at a situation of illiquidity or insolvency. Pessimists say the banks are insolvent; optimists argue they are simply liquid. If it is insolvency, which is unlikely, then there are the normal longer-term measures to deal with bad debts.

In September 2008, in an article published in The Sunday Business Post, he wrote, "In contrast, a full guarantee would have meant full protection with creditors." I am still trying to establish his assessment. Is it his view that the banks were in need of liquidity or were they insolvent which in layman's terms means they were bust?