Deputy Brian Lenihan:

The question regarding senior debt, which was already issued, was raised by Professor Honohan in his report but was not brought to a conclusion by him. If one examines the appendix to the report, he makes the point there is a fundamental distinction in law between the position in the United States, where, as a result of the bank resolution legislation, a distinction can be drawn between bondholders and depositors, and the position in the United Kingdom and Ireland. Many Irish bonds are subject to English law where no such distinction can be drawn. That is certainly an issue we should examine in the context of the resolution legislation for the banking system.

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