Professor Patrick Honohan:

It was a light piece of legislation. I suspect that work must have been going on with some specialist for a few months ... but it was tidied up. But it wouldn't past muster if you say, "Now we've got a state-of-the-art world-class resolution which allows imposition of losses to different classes of customer." And that's what a lot of people talk about, "Why didn't you have a resolution legislation which allowed the imposition of losses on bondholders and not on the borrowers?"