Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

How do you respond to the view of Governor Honohan which was conveyed to this committee that even with the information available at the time, the decision, in his view, that should have been made was to take the two "failed banks" as he called them, Anglo and Nationwide, into custody in effect by nationalising them, seek to provide ELA for a period and try to achieve some burden-sharing? Now in his witness statement to us in recent weeks, he speculates on the net cost of the guarantee decision itself and he made the point:

All in all, a possible net economic saving in the area of €2 billion to €10 billion could be imagined but surely no more than that. If so by September '08, well over 90% of the net economic cost to Ireland of the boom and bust had become unavoidable.

How do you react to that?