Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Yes, well, first of all, I'm still of the same view - as the view you quoted - that I expressed in December of 2010 and I did pursue it to the point where, as I outlined this morning, I came to the view that the risks that were put to me exceeded the possible gain we would get by burning bondholders. But I had gone so far as drafting a speech where I was prepared to bring in legislation to allow the Irish authorities to do it. Secondly, I pursued it relentlessly in Brussels, to the point where, when Ireland had the Presidency - the last time we had it - I chaired the meetings that brought in banking union and brought in a banking resolution regime which now bails in not only the shareholders which you referenced, not only junior bondholders, but also senior bondholders of different categories.