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

Okay. As you know, Mr. Ahearne, about €15.5 billion in total of losses were imposed on junior bondholders - subordinated bondholders. Much of this was done through liability management exercises where debt holders were asked to voluntarily sell their debt back to the banks at reduced price. Was that seen as being an entirely different issue to the senior bondholders at that time?