Professor Alan Ahearne:

Well, it certainly limited options while it was in place for two years. I mentioned ... because all creditors were guaranteed. Of course, it's not at all clear that if there had been a different guarantee or low guarantee that the Irish State would have put banks into liquidation anyway and put losses onto senior creditors, depositors and bondholders. So the answer to that question, just to have it clear, I think, one has to have a clear idea of what the counterfactual is, and it's not clear to me that in the counterfactual-----