Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

On page 9 of your witness statement, you refer back to the issue of the guarantee and you make the point that its impact has been over-analysed and I think, for the first time, you put a figure on the potential costs of that decision as opposed to an alternative decision which might have involved trying to bail in the bondholders of Anglo and INBS, and you put a figure of somewhere between €2 billion and €10 billion, possibly. Can you just elaborate on that because very often the guarantee decision is cited as the decision that cost €64 billion? You're making a fundamentally different point.