Dick Roche (Wicklow, Fianna Fail)

He said an extensive guarantee needed to be put in place since all participants rightly felt that they faced the likely collapse of the Irish banking system within days in the absence of decisive action. He continues: "Given the hysterical state of the global finances in these weeks, failure to avoid this outcome would have resulted in immediate and lasting damage to the economy and society". He raised the issue of subordinated debt which was about 3% of the total amount in that issue.

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