Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Yes, very finally, Chair, on 31 March 2011, the new Government's major statement on banking, it appears there was a very late change because of the ECB's position on burden sharing and you ... you give an account of it on page 203 of your composite statement. And I know you weren't directly involved in the telephone conversations that day with Frankfurt but what is your understanding of how far the ECB went on that day in conversation with the Taoiseach, with the Minster for Finance? You make reference to a statement from the ECB that they wouldn't come out subsequently and support the banking strategy if the Government had gone ahead and imposed losses on senior bondholders, but did they say that emergency support would be withdrawn? How far did they go, in your view, and what do you understand the position to be?