Michael D'Arcy (Fine Gael) | Oireachtas source

Professor Ahearne had spoken with the Minister, Brian Lenihan, in mid-September 2008 - the dominos conversation. The guarantee was put in place, and at the end of December he wrote:

In the case of a failing bank, the EU will only allow state funds to be used to wind up the bank or for a complete restructuring. Rightly so. Pumping funds into failing banks is simply pouring taxpayers' money down the drain.

Was there an alternative to pouring taxpayers’ money down the drain?