Professor Patrick Honohan:

It should have been nationalised then or at the end of the week. It should have been nationalised. The harder question is what should they have done with the liabilities. Should they have guaranteed the liabilities or not? That's where if you had known that and this exotic idea that if they had known that there was going to be €30 billion of losses what should they have done. I think we should really set that aside, because they did not know, but I don't change any of my views that I've written down.