Pearse Doherty (Donegal South West, Sinn Fein)
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The record shows that Anglo Irish Bank required a large portion of the total amount. Dr. Bacon's report came out on 20 March 2009, just a number of months after the guarantee was brought in. Paragraph 26 deals with revising the credit guarantee. It states:

A restructuring of the guarantee consistent with the introduction of the NAMA initiative should be seen as an integral element of a comprehensive strategy. In summary, the aim should be to enhance the credibility of the guarantee by simultaneously reducing the contingent liability under it and by extending its temporal scope in relation to the sort of long-term bond issuance which is critical to ensuring the covered institutions' survival.

How could the guarantee, which had a legal underpinning, be restructured at that time, just a number of months after the guarantee was introduced?