Brian Lenihan Jnr (Dublin West, Fianna Fail)

Yes, and in enunciating policy in recent years I have made it clear that Europe does not have legislation equivalent to that introduced in the United States in response to the savings and loans crisis. That has created a very different context for the domestic debate on bondholders and the degree to which they should contribute to the resolution of difficulties in institutions which are extremely distressed.

See this speech in context