Professor Patrick Honohan:

It's a good question. Now, this was something that we were puzzling over ourselves, I mean, with the NTMA, the Department of Finance, all through ... especially with the NTMA, I would say, all through 2010. How could this be engineered if the opportunity arose, particularly, I would say, for Anglo Irish Bank? Because it was a terminating institution, as it turned out. It's not straightforward; there were a number of ideas, but they could have been subject to challenge, as, indeed, some of the bail-ins of subordinated debt were successfully challenged in British courts. So, I actually didn't have sight of that proposal of the NTMA.