Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Sure. On the question of the inclusion of dated subordinated debt in the guarantee you said that Bank of Ireland requested the inclusion of such debt. Ultimately, there was €12.2 billion of dated subordinated debt across the system included in the overall €375 billion guarantee, and of that €12.2 billion, Bank of Ireland had €5.2 billion of the dated subordinated debt which was guaranteed. So you had 43% of the dated subordinated debt or junior bondholders guaranteed, so you stood to benefit the most from their inclusion. Can you just clarify what would have been the consequences of not including dated subordinated debt in the guarantee, and are you aware of the criticisms made by Governor Honohan and others of the inclusion of such debt in the guarantee?