Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

It's Vol. 1, page 101. I'll just quote as clearly as I can:

It is very important to note that the CBFSAI [the Central Bank] is prohibited from providing [emergency liquidity assistance] to an insolvent institution. Therefore if there is any concern that a financial institution seeking ELA as insolvent, the [Central Bank] would not be in a position to provide liquidity support without the question of some guarantee arising from the Exchequer.

A theme that keeps coming up, Mr. Grimes, is emergency liquidity for an institution that might be insolvent but legally could not be funded by the Central Bank unless there was a Government guarantee. Why does this theme keep recurring?