Mr. Eoin Dorgan:

The point, which was made at the time, was that it was very much a policy decision but could only be facilitated when the Central Bank, as the independent holder of the promissory notes at the time, made a decision. As the Deputy said, they were being used for collateral in terms of the exceptional liquidity assistance extended to IBRC.

It had to be satisfied with what was being exchanged for those promissory notes. As part of the announcement of the promissory note deal, the ECB president and governing council noted the transaction.