Professor Patrick Honohan:

The first thing I did in this space was to say, "We need to think now towards the recapitalisation of the banks which will follow from NAMA." I set up a team to prepare, not just looking at the loan losses of some parts of their book but looking forward to recapitalisation needs and, eventually, the date decided was March 2010, but even in, I guess, October or November of 2009, I had set up a team with ... mandated to arrive at ... from looking at all of the loan book and the rest of what the banks had because they had assets like the Polish subsidiary and so forth that could be netted off ... could be sold and netted off.