Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

Or they didn't know, okay. Can I ask, the issue in terms of the ... the discussions around, we'll say, with burden-sharing with the ECB and so forth, and I want to draw attention, Chairman, to Vol. 2, page 49, which is effectively a report that was commissioned by ... completed by the National Treasury Management Agency in March 2011, basically on burden-sharing for senior and subordinated. Now, in that report, they stated, "[D]epending on the eventual level of haircut applied to the senior unsecured guaranteed debt (senior debt) and subordinated debt, could give rise to a capital saving to the State of approximately €14.9 billion." So, I suppose the question I want to ask is can you tell me the various ... this was March 2011, the various discussions that would have taken place with the IMF, the European Commission over the period since '08 as to where this issue would have come up? Do you believe that if the US had not issued ... exercised their veto within the IMF in late 2010, do you believe that burden-sharing in terms of senior bondholders and subordinated debt holders would have arisen at that time?