Brian Cowen (Laois-Offaly, Fianna Fail)

In respect of subordinated debt, there have been buy-back arrangements that have seen losses for those who held dated subordinated debt in this bank and in other banks. The Deputy appears to be suggesting that senior bondholders, that is, pension funds, credit unions and people like that, also should take some part of the hit. The Deputy's policy at present is to default on senior bondholders and then go off and get money from-----

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