Actually, as noted in Honohan (2012) much of the additional capital called-for in the March 2011 exercise relates to the higher capital ratios and projected added costs of the faster deleveraging required by the Programme. In the event, the deleveraging was achieved with lower costs than projected at March 2011.
8  As it had already been doing for over two years before the Programme. 4  BIS central bankers’ speeches  shared the view that this debt overhang was holding back the recovery and needed to be dealt with quickly. Why did that not happen? There is room for different views as to why this situation has persisted.