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

Okay, and they make, I suppose I'm referencing two of their, of their, Vol. 3, page 63, and they say - this is a memo, meeting of 26 September, Merrill Lynch: "On a blanket guarantee for all banks - [Merrill Lynch] felt could be a mistake and hit national ratings and allow poor banks ... continue". And then, subsequent to that, on 28 September, which is Vol. 2, page 168, they specifically deal with Irish Nationwide and Anglo; and in relation to Anglo, they say that "If [we] were to apply the ... stress [test] scenarios, the writeoff ... would [be] deplete ordinary shareholders and other lower category subordinated debt of €7.5 ..." which technically would have meant that Anglo was insolvent.