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

And then going back to the bailout negotiations themselves when the issue was discussed as well. We heard evidence from former Taoiseach, Mr. Cowen, and yesterday from the late Brian Lenihan’s adviser, Alan Ahearne, that in the final analysis it had become clear there would not be a programme if the Government had insisted on proceeding with burning bondholders in the absence of support from the ECB in particular. Is that your understanding of the position at that time?