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

The troika would've been made aware that we were going to recapitalise the banks and they'd have had a very good idea of the nature of the recapitalisation we had in mind. They wouldn't have been specifically told that as part of that, we intended burden-sharing for senior bondholders, but we did go on of course subsequently and we brought burden-sharing in for subordinate bondholders - junior bondholders - and we took over €5 billion out of that. The late Brian Lenihan had done operations ... legal operations previously, so I think the total discounting from junior bondholders over the period was about €15 billion. So it's not true to say that bondholders weren't discounted in the bail-in. Junior bondholders were very heavily discounted. Senior bondholders weren't, for the reasons I have given you.