Ms Ann Nolan:

Well, we were in discussions, detailed discussions with the Commission, the ECB, and the IMF, so it would be conveyed to us through the various officials ... to us, at official level, through the various officials of those organisations. It may also have been conveyed to the Minister separately, at Eurogroup meetings and so on. The reluctance was because of the contagion effect. They were very concerned that it would encourage or create difficulties in other states, for example, Portugal, Spain, Italy, where it might be seen that they were likely to burn bondholders less, and that you could create a run across Europe from the peripheral states into the centre ... in bondholders.