Professor Patrick Honohan:

No. I refused to consider the idea that the State would not repay the Central Bank. The State's guarantee or any promissory note or anything like that of the State, as far as the Central Bank of Ireland is concerned, is 100% good. Now that, it may be a controversial view in other places, but I regard the Central Bank of Ireland as an arm of the State and it cannot start saying, "Oh, I don't think the State will pay us back."