Professor Patrick Honohan:

No, it's only one. I think it's one that people can resonate with given what happened subsequently. But another one is that ... well, in my mind was, if there had to be a restructuring of Irish debt, if Irish debt was not going to prove to be sustainable, and many people were saying that it was not, then which part of Irish debt could most safely be restructured? And it seemed to me that trying to restructure this banking thing, while the banks are open and everything is going on, is just not going to be a safe way of proceeding. So if it proved to be ... restructuring proved to be essential later, which it did not, then it could have been done in a more orderly way, as has been done in a number of other stressed countries using non-banking. It's not that I have a particular preference for any particular creditor, but, yes.