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

-----but then at the end, there is a clear recommendation from the NTMA to proceed. Well, the recommendation is: "... subject to a view being taken by Government [on page 64 at the bottom] on the potential implications of an adverse reaction from the external authorities and the implementation of an appropriate legal framework, immediate steps should be taken following the announcement of the PCAR/PLAR results to enable burden sharing with both senior and subordinated debt." So you're not saying there that the Government should only do this if the external authorities endorse it; you're saying that the Government should take account of potential implications from an adverse reaction from the external authorities. So I suppose what I'm asking, Mr. Corrigan, was it the NTMA view, at the end of March 2011, that the Government should proceed with burning senior and junior bondholders?