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

Can I ask you about the inclusion of subordinated debt, Mr. Doyle, in the guarantee, and if you can outline the reason as to why it was included? You might comment whether the ECB had any view on that issue.

And I believe you're familiar with the evidence, the witness statement from Mr. Kevin Cardiff, that that was circulated to you and he says in that witness statement, page 12 ... that there was a short discussion about the question of whether to include dated subordinated debt within the guarantee. "I was asked", he said, "whether that issue had been covered in any of the discussions with the Merrill Lynch team, and I reported that at the meeting of 26 September they had advocated - on balance - that dated subordinated debt would have the same protections as senior debt and so dated subordinated debt ... was included." Is that accurate to the best of your knowledge, that Merrill Lynch recommended the inclusions of dated subordinated debt?