Sean Barrett (Independent) | Oireachtas source

Because, as you know, we've changed those arrangements since. It was an issue at the time, as to whether that division was ... ever made any sense. And Senator O'Keeffe has spoken with you about the issue of whether it was liquidity, as Mr. Hurley said, or in fact it was the wrong business model, insolvency, and the NTMA believed that and they were in the building. And certainly the other ... the major banks believed it and they were in the building so unfortunately, it was ... it may have been a minority view, the one that prevailed, that it was liquidity and not solvency that ... the business model being unsustainable.

In Mr. Ó Ríordáin's presentation, and I thank him for it also, at 6.1, "the State ... formally accepted responsibility for most of Anglo's liabilities when it issued the guarantee in September 2008". Didn't the State believe, and everybody believe, that was for €1.5 billion and not a bill for €30 billion? Could anything have been done to say, we understand, as of now we're accepting €1.5 billion and not any higher number and certainly not €30 billion?