Brian Cowen (Laois-Offaly, Fianna Fail)

I have answered the question and my response is very clear. We took all necessary steps to preserve our economic system after making our decision. I believe it was the right decision and that the independent reports that have followed it have been in favour of that decision, with the exception of the issue of subordinated debt, which is 3.3% of the total volume guaranteed on the night. I will accept it as a criticism that I am 97% right rather than 100%, but I will not accept the subsequent criticism of the Labour Party which has described the guaranteeing of the banks on that night as the worst decision made in the history of the State.

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