David Cullinane (Waterford, Sinn Fein) | Oireachtas source

Bondholders, debt, exactly, so the €29 billion was essentially used to pay off debt, which is the point that I am making. This is a bad bank. It is a developer's bank, essentially, and it is extraordinary that we can make a statement that if that investment was not made, the entirety of the banking system could have collapsed. That might hold some logic if one was talking about Allied Irish Banks, AIB, and Bank of Ireland but one cannot assume that for Anglo Irish Bank.