Professor Patrick Honohan:

Yes, and I've just told you what happened. Since it didn't have a probability of success, it was altered. The financing conditions were altered dramatically, the costs and the maturity of the loans were dropped and the arrangements for dealing with IBRC were turned very greatly in the favour of Ireland. And, in addition, the recapitalisation of March was well below, far below what had been pencilled in in the programme. So although at the start it wasn't a promising programme it became a very effective and successful programme for the Irish people.