Brian Lenihan Jnr (Dublin West, Fianna Fail)

There would be an immediate liability on Ireland of €64 billion, with incalculable consequences for the funding of the national debt and the position of other banks.

When we speak about bondholders, let us distinguish between those about whom we are talking. There is a fundmental distinction between subordinated debt holders who have no particular advantage under the guarantee in the case of Anglo Irish Bank and senior debt holders in other financial institutions who fund the State and other banks and in respect of whom the matter of default cannot be raised.

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