Brian Lenihan Jnr (Dublin West, Fianna Fail)

Second, in relation to the unguaranteed debt which was already invested in Anglo Irish Bank at the time of the guarantee, the precise legal point is that that debt was never guaranteed. The principal of that debt did not fall due for payment during the guarantee period. Again, there was no loss to the institutions in respect of that particular guarantee because no money or principal sum was paid out on foot of it.

However, the question of the treatment of that particular debt has arisen in the context of the resolution of Anglo Irish Bank and it is the clear advice of Patrick Honohan, as Governor of the Central Bank, that those obligations should continue to be met by the respective——

See this speech in context