Catherine Connolly (Galway West, Independent) | Oireachtas source

It is a very good graphic. We will all agree on the graphics and that the bank was a bank of speculators. We agree that the Government wrote an IOU and Anglo Irish Bank took that and went to the Central Bank. It said it would give the bank money to keep it going. In addition, under the IOU the Government had to pay periodic payments to the bank. One can imagine how long it has taken me to get my head around this. A bank was not worth saving but the Government saved it with IOUs. The Government needed to borrow a great deal of money to finance those IOUs. It also raided the pension fund.