Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

My question is a more specific one. Mr. McWilliams always articulated in the past that bondholders in a free market are risky capital. The blanket guarantee that was put in place guaranteed risky capital and subordinated debt. He articulated this in his article of the 28th of September and in his book at page 22, where, speaking to the Minister, he said, "However, I argued because the Irish banks funding has become so unstable, if we did not guarantee the funding as well as deposits the banks would come crashing down." That is at variance with his previous articulation. Did the blanket guarantee cover bondholders?