Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay, can I ask you ... just I'm just referring to your core booklet, Vol. 3, and it's page 146, and this is the document from the NTMA on the 28 March 2011. It's the document that recommends the burning of bondholders - senior bondholders - in all of the six institutions to the Government at that time. I think the eligible senior debt they estimate across the six banks was €16.367 billion that was up for burning. It goes on to say:

[Given that] fact that the markets are expecting and have priced in burden sharing with subordinate and senior debt,

it is the recommendation of the NTMA that, subject to a view being taken by Government on the potential implications of an adverse reaction from the external authorities and the implementation of an appropriate legal framework, immediate steps should be taken following the announcement of the PCAR/PLAR results to enable burden sharing with both senior and subordinated debt.

Can I ask you a particular question? Given that the NTMA is responsible for ensuring the country stays in the market and that our funding under the programme would have been exhausted at the end of 2013 and a requirement on us to be back in the markets by mid-2013 ... in your view, how was the NTMA recommending burning senior bondholders while at the same time knowing that they would have to be back in the markets within two years?