Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Did the ... is the following then accurate or not? I quote:

Walsh [you, Mr. Walsh] made his strongest argument in favour of a merger with Anglo Irish. This was the plan he had already privately discussed with its chief executive, Seán FitzPatrick, a close friend for twenty years. Anglo Irish, Walsh said, already knew many of Irish Nationwide's clients and had the expertise to manage them. However, the bank would need a state guarantee to protect it from any negative consequences. 'In effect, the State will have to guarantee Anglo at the same time.' He warned [that is you].

Finally:

In short, Walsh was arguing that in order to save Irish Nationwide the state should take on the much heavier burden of rescuing Anglo Irish. Having completely failed to prevent the society going mad during the boom, Walsh was now proposing that the state should be prepared to accept every risk taken not only by Irish Nationwide but also by Anglo Irish. It was catastrophic advice, capable of bankrupting the entire country.

Is this factual?