Because that propelled Ireland to a very stressed level of public indebtedness, it seems implausible that any subsequent decisions on recapitalisation modalities could have materially improved the eventual outcome. 18  It would have been better had Anglo and INBS been put into resolution as soon as it became clear that their capital was going to be wiped-out by unavoidable losses on developer loans.
This should have been evident before September 2008, but was not, leading the Government of the day to include these two failed entities in its blanket guarantee.