Professor Patrick Honohan:

I think the true value of the loans would have outed eventually, and it wouldn't have been all that eventual. The banks ... it could have struggled along for a while trying to conceal the losses. They certainly didn't conceal ... they didn't ... at that stage they didn't know, but gradually they would have done their own working and they would have discovered, "Gosh this fella owes this amount here, God, how much are we going to get?" They would not have been able to ... the markets would have discovered, not in as dramatic a way ... but remember that the NAMA losses, the bulk of the NAMA losses were revealed in March 2010, and the market was okay with that, and their ... our spreads ... Ireland's spreads went down in April, first part of April 2010, it was okay with that, it's-----