Gerry Horkan (Fianna Fail) | Oireachtas source

Mr. Butler's contention is obviously that the liquidity issue that was argued for at the time of the guarantee was not a liquidity issue but a solvency issue. The Minister and the Government were told by the banks it was a liquidity issue. I was not a member of the banking inquiry, or a Member of these Houses when it was conducted, but the inquiry was told that the Government was told it was a liquidity issue when it was really a solvency issue. Mr. Butler's contention is that, if that is true, then all these promissory notes are-----