Peter Mathews (Dublin South, Fine Gael)
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I ask Professor Honohan to bear two things in mind, and as he noted, they are related. One is the necessity to get creditor restructuring for the legacy debts in the Irish Bank Resolution Corporation, IBRC, which is a cancellation of the emergency liquidity assistance, or an in perpetuity at zero, with the promissory notes being torn up. Our two surviving banks should not be called going concerns but they are just about surviving. Their capitalisation is still falling short of what is needed, which is an expression of their inability to deal with the existing reality. Insolvency legislation only describes this but will not do anything about it. They need further capitalisation from the euro system rather than us as a people. I ask the witness to bear that in mind.