And yet once there was a bailout – and this remains very controversial in Ireland – a demand to impose losses on senior bondholders was refused on three occasions. 4  BIS central bankers’ speeches  That’s a totally different discussion, in terms of size.
We are talking of bailing in or not bailing in senior bondholders which would have been in the order of € billion or € billion, when in late 2011, the issue of burden sharing of senior debt issued by Anglo Irish Bank was on the programme’s agenda.