Michael McGrath (Cork South Central, Fianna Fail)
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I just wanted to make the point and pose it as a question that the reason no losses were imposed on senior bondholders was at the insistence of the European Central Bank, both back in November 2010, when Ireland was negotiating a bailout programme with the troika, and subsequently on the election of the new Government, when the current Minister for Finance, in the summer of 2011, sought to impose losses on the remaining unguaranteed and unsecured senior bondholders, particularly in Anglo Irish Bank, and that was rebuffed by the European Central Bank. I am asking whether Mr. Nyberg has any personal opinion on that issue and whether he believes that the European Central Bank should, along with everybody else, account before this parliamentary inquiry for its role in the crisis.