Professor Philip Lane:

I can provide that information for the Senator, but it is important to make the distinction, regardless of what they might have had on deposit with Anglo Irish Bank, that there is also the issue of credit unions investing in bonds issued by banks. Under the new system, there is a presumption that different bond holders would lose money if a bank were to shut down. There are two parts. There is the narrow issue of bond holdings and how credit unions were exposed by their bond holdings, as well as the larger issue of imagining what would have happened if large depositors had also received a haircut, as happened in Cyprus.