Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay, and the minutes report that Mr. Sheehy told a representative of the Financial Regulator that, "...it was his [Mr. Sheehy's] understanding that the institution's loan portfolio would required (sic) to be written-down substantially, and, accordingly, that if AIB acceded to the FR's request, AIB would, in due course, probably have to incur a write-downs (sic) of €1bn on the funding line provided." Why did AIB believe that of the €2 billion that is was asked to put into Nationwide three weeks before the guarantee, that €1 billion of it would be lost?