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

And was it your view that because we were in the relatively early days of a three-year programme and the NTMA would not be borrowing on the sovereign bond markets that the impact of imposing losses, even on senior bondholders, while it might have an adverse effect on bond yields, didn't really matter because we weren't in the markets? Was that your view?