Professor Patrick Honohan:

Yes, well, of course, there was a capital raised by Bank of Ireland in April or May of 2010 and it was underwritten by an investment bank. I can't remember how much they raised. €1 billion or something like that and that was in 2010. I'm not talking about the famous one with high-profile investors about a year later.

So, they were very keen to stay out of Government control and the Government was very keen that it wasn't going to be landed with a bank that it was ... it wasn't possible for AIB to do that, there was no ... it wasn't as if AIB said, "Oh, easy, we won't be bothered with trying to raise private capital, we'll just get money from the Government." It just ... they would have been completely aware that ... that they couldn't give a convincing story to the markets.