Professor Patrick Honohan:

As you know, a lot of these bonds are not ... the ownership is not identified, so they are hidden, in a way, behind screens of depositories and so forth, so we don't know. To the extent that we can find out, the banking system as a whole - and I don't have anything specifically for Anglo at least to hand - what we do know it, sort of, gives the lie to the idea that it was all German banks and the percentages of the total deposit liabilities coming from Germany, in particular, seem rather low. I won't say a percentage right out now because I don't have it in front of me, but they're rather low, and France particularly low as well, so I think you might ... you often hear that, you also often hear it in respect of Greece, and, "Oh, the German banks; oh, the French banks." Well, the biggest banks in the euro system are the French banks and the German banks, so you do hear a lot about French banks, but in the Irish case, I don't think there's evidence that the Irish banks drew disproportionately from those two countries.