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

But, I mean, n there were three issues that were recited to me. First of all, we'd be in default. I knew the implication of that for ELA although he didn't spell that out although he had previously spelled it out in different circumstances to Brian Lenihan back in 2010 because I saw the correspondence. Then he, kind of ... he rattled me because I didn't expect it. He drew the Irish financial services sector into it, and particularly the IFSC in Dublin, and the possibility that they couldn't be funded if they were in a country that had defaulted and then I think the third suggestion about the bomb going off was mainly in the second phone call but I mean it was a fairly strong argument.