It  3  This is because of the pari passu nature of bond and deposit liabilities of Irish banks at the time (unlike in the US), and because the two banks involved had had to be recapitalised to maintain their access to central bank refinancing.
4  This despite much discussion in the corridors of the negotiations – and, I understand, pre-negotiation discussion of this point between the members of the Troika team of experts. 5  I am speaking here of the situation at November 2010.