Michael McGrath (Cork South Central, Fianna Fail)
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Okay. The Governor makes a point in his report about subordinated debt, which Deputy O'Donnell teased out with him also, and there is a clear criticism of the inclusion of dated subordinated debt. In view of the fact that the heavy losses were subsequently imposed on junior bondholders to the tune of approximately €15 billion, what could actually have been saved if all subordinated debt had been left out of the guarantee entirely?