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

The final issue I want to touch on, Chair, is going back to the ... the end of March 2011 banking statement which you made. It isn't in the core booklets that you have, but the NTMA paper of 20 March 2011, which I'm sure you're familiar with, which examined the issue of burden-sharing, it didn't limit its analysis to Anglo and Irish Nationwide. They included the surviving banks as well, and they actually quoted in that paper the arguments from AIB and Bank of Ireland, who were consulted, and they gave their arguments as to why their senior debt shouldn't be ... have losses imposed, but the NTMA concludes against their wishes and says that you could and should proceed. So, why did the Government decide, even though it didn't actually happen in the end, to just go down the road with Anglo and INBS and not the surviving banks?