Michael D'Arcy (Fine Gael) | Oireachtas source

Thank you, Chairman. Mr. Moran, you're welcome. In your statement on page 2, you say:

Had we not had to fund large fiscal deficits for 2010 and [...] thereafter, the State's negotiating power with the [...] markets or indeed with the European and IMF backstop funders would have been [...] different. It might have helped to avoid being shut out of markets and to have avoided a troika bailout entirely.

Was it the deficit and the deficit over those coming years or was it the banking crisis that led us to being shut out of the markets? Or both?