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

Okay, if I can take you to November 2010 and the negotiations with the troika for the bailout. Ann Nolan of the Department of Finance stated in her witness statement to this committee that IMF officials were strongly in favour of burning any unguaranteed and unsecured bonds in Anglo. This was opposed by the EU and ECB officials. In the event, she said the matter was considered at a more senior level in the IMF, and you have said this as well, as a result of US Treasury veto the IMF came down against any such action. Can you elaborate on what happened at that time and was it a live issue being considered in the build up to and during the negotiations ... the burning of the unsecured senior bondholders in Anglo?