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

Sure. As you know in March 2011 the new Government did try again to impose losses on senior bondholders. You may not be aware of a paper from the National Treasury Management Agency at the end of March 2011 and they provided some indicative numbers whereby haircuts were proposed in respect of all the banks with total savings of over €9 billion on the remaining senior debt which was outstanding. How much do you believe could have potentially been saved if losses were imposed on senior bondholders?