Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Okay. In your witness statement, when you were with us last, you comment on Jean-Claude Trichet's letter of 19 November 2010 to the late Minister for Finance and your comments were, "In many ways, this letter was entirely superfluous since it was already clear by the time of the letter that the Government was going to opt into a programme." Speaking on the same, related matter, Jean-Claude Trichet, when he appeared at the IIEA event in Kilmainham, said:

[As] you know, we could also have continued on our side after having gone up to 100% of GDP go to 200% of ... GDP, and why not 300% of GDP? And why not 300% of GDP? Then what would ... the Commission [of] inquiry [be] asking for [relating to this inquiry]. You would say, "Were you totally crazy at the ECB to continue when we going in the wall at 100 miles per hour to continue to provide liquidity and liquidity and liquidity?"

So, Mr. Cardiff, can I ask you, was Mr. Trichet right in this regard? If this action hadn't happened and the entry to the programme had been delayed, would the cost of the bailout have actually been bigger for Ireland?