Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

It's coming up on your screen in front of you. It's from ... it's witness book Ann Nolan, Vol. 2, pages 85-87. Okay. Now, if I can just scroll down this a moment, and while it's being done, maybe to a page ... it's the third page of it, it's the last footnotes of it here. But in doing so, as I'm pulling that up, by March 2012, it was becoming clear within the Department of Finance that a longer term restructuring solution was needed to the promissory notes which had been provided to IBRC. The paper was produced in October 2012 for the EMC. This proposed replacement of promissory notes with longer terms bonds over maybe a 30 to 40-year spread, however the view was that this would require liquidation of IBRC to allow this to be acceptable to the ECB. Now, what I'm trying to do here is to get an understanding as to who was responsible for the strategic planning of the balance sheet impact of the banking crisis and also to establish with you the level of assistance and co-operation the Department of Finance received from the European Central Bank and Central Bank of Ireland during the crisis plan and implementation of putting in a solution. So, in this regard, who originated this idea and what level of co-operation was evident from the Central Bank of Ireland and the ECB to investigate, discuss and cost alternatives and can you also describe the interaction and level of co-operation between the Central Bank of Ireland, the EMC and the European Central Bank and your Department to work through this proposal?