John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Well, look it, I'm not trying to ... I'm not trying to catch you out in that sense, Mr. Moran. Liquidation of IBRC was discussed in an EMC paper, dated 10 October 2012 ... the transaction proposal ultimately planned to replace the promissory note with "long-dated Government bonds" and this was seen as vital to avoid a funding cliff in the near term. Can you comment on the reaction of the EMC to this paper and what was the alternative funding option to allow the appointment of a special liquidator to IBRC if the proposal hadn't got approval from the ECB?