Professor Patrick Honohan:

Yes. I actually ... we never committed to not burning the bondholders. We committed to not including the burning of bondholders in the programme but we never signed any document that said, "We will never burn bondholders." So, it was still there for attitudes to shift and I remember saying to ... even before the election, saying to Brian that, "Well, there's a big payment coming up for Anglo, have you thought about doing something on that?"

And he said, "I can't go against the whole of the G7." He thought it was politically, internationally politically inconceivable. So that one went. I think it was subsequent to that that there ... that the Department of Finance, and they had more visibility on this than I had, had a sense that the Europeans were weakening on the issue of bail-in, especially for Anglo and INBS. Now, I ... also I wrote to the Minister, and I think it's in evidence that was provided to you by the Central Bank. I wrote to the Minister, the new Minister, Michael Noonan, offering my advice on this matter, and I said, "Look, the ECB are firmly against, for going-concern banks, but it is possible that they would accept a bail-in for the ... for Anglo and INBS."