Professor Patrick Honohan:

And for some reason they include the idea that maybe they will bail in the bondholders - not absolutely, but maybe - if things ... if the capital situation worsens. It's not an absolute, it's a maybe. And the ECB ... I'm just kind of trying to project the ECB's view, they're being asked to say "Great idea. Ireland's programme ... they've ... recapitalising the banks and we think it's a great idea." But if in the statement it also says "And, you know, we might burn the bondholders", ECB looks as if it's endorsing burning the bondholders, which it doesn't want to do. So it certainly doesn't want to do that, to endorse the statement, so they say "Take out the mention of the burning of the bondholders." That's the way it happened, so ... why-----