Brian Cowen (Laois-Offaly, Fianna Fail)

Had Anglo Irish Bank not been recapitalised last year, it would have lost its banking licence and there would have been a call on the State guarantee. We would have been required to immediately repay €65 billion in funding to the European Central Bank, national central banks and other providers of funds. The State does not have €65 billion in cash lying about, nor could it have raised such funds on the markets in a short period to meet those obligations.

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