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

Can I take you to your own witness booklet, Vol. 2 and page ... start with 59, just to show the cover page, and this is the bail-in strategy with holders of senior and subordinated debt, an NTMA paper dated 28 March 2011. So this is when the new Government were preparing the announcement on the banking strategy and the issue of burning senior bondholders as well as junior bondholders resurfaced. So on page 62, if we can take us to page 62 of that. The NTMA is setting out a proposal for burden-sharing and, in total, the proposed burden-sharing is of the order of €15 billion but the proposed burden-sharing for senior bondholders is over €9 billion, €9.1 billion if you add all of those up, and the NTMA actually recommended that the Government would proceed with this burden-sharing. So, can you tell us the background to this, Mr. Corrigan. Were you asked to prepare this paper? You refer in your witness statement to commissioning a study. What assistance did the NTMA get in preparing this paper? And what is the origin of it?