Professor Patrick Honohan:

They could have had weeks and weeks of emergency liquidity assistance. Some people raised doubts about whether ELA would have been given. It would have been given. It was given to other banks. Therefore, they would have had weeks and weeks. However, weeks and weeks was not really enough. It took a long time until NAMA went in. What if it had not been for developer loans? It was very hard to evaluate developer loans. What was the collateral? What was the personal wealth of developers? Nobody knew; it was not until NAMA made the valuation later on.