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

But, I mean, my policy position has been quite clear. I still think the correct ... the better decision would have been if I was allowed to burn the senior bondholders, and I continued in Europe pursuing that line, and during the Irish Presidency, we got to a point where there's new resolution legislation now, which is pan-European, and the mandate now is not to bail out insolvent banks, it's to bail-in using the assets, and there's a cascade of what you bail-in, including senior bondholders of different categories.

So, like, we won the argument at the end, but we won it in circumstances where we hope we don't have to use the benefit of it ever again.