Professor Patrick Honohan:

Well, not on a day-to-day basis. It's not as if it took all the time because ... but it was a very big ... it was evidently a very big problem. In my mind, it was always going to be the bulk of the losses and those losses were, in my mind, a lot bigger than most people believed. So I thought this was going to be the real driver of losses and that there were going to be losses in the other banks too that might force them into full State ownership but that the big shortfall would be on Anglo.