Mr. David Doyle:

If ... if the conditions in the domestic and international European financial markets were such that the lenders to those banks could have been hit for a significant write-off, I think that would have been a preferential outcome, but the conditions that applied at that point, given the advice that was coming from the European Central Bank that there was to be no bank failure, it's very difficult to see how that could be done. I think ... I think Governor Honohan made a number of comments. He did say:

I think, with the information available, they should have nationalised Anglo ... Would it have saved €40 billion? No.

That was his answer, on page 732 I have written down here, I don't know whether ... I don't have the hearing notes with me.