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

And over the page he sets out a proposed solution, a full Government guarantee of all deposits for two years, not shareholder funds - they took a gamble, tough luck. He goes on to say that the Department of Finance is worried that people will call the Government's bluff and they will have to come up with the cash for this, "Believe me, this will not happen." So the view being put forward was that a guarantee would be cost-free and ultimately that there would be revenue to the State by way of guarantee fees of €1.5 billion per year.