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

Thank you very much, Chair. Mr. Ahearne, I'd just like to quote an extract from Ajai Chopra's witness statement which will be put into evidence and to ask you a question and I know you haven't ... you haven't seen it before. He said:

It is understandable that there is a strong sense in Ireland that burden sharing between Irish taxpayers and bank creditors has been unfair. In late 2010, remaining unguaranteed and unsecured senior bondholder exposure was about €16 billion, somewhat above the magnitude of envisaged fiscal adjustment over the next four years. [The] comparison made the issue very visible. [He said] Even if spillover risks dominated, the question remains - why should Irish taxpayers have to bear a disproportionate burden to address wider euro area concerns?

So, do you believe that Irish taxpayers did bear a disproportionate burden to address wider euro area concerns arising from the banking crisis?