What if an alternative path had been tried, following prior consultation with EU partners during an interval covered by ELA, involving a more limited guarantee, excluding some or all existing senior bonds and subordinated debt, and in conjunction with an attempt to get agreement that Anglo and INBS bondholders would be bailed-out only on the basis of cost-sharing with EU partners?
On the domestic front, the events of early 2009, which saw the Central Bank intervening in two insurance companies and an investment bank in the same group, served to reinforce the need for enhanced regulation of the sector. These events propelled the enactment of few amendments to the Insurance Act in February 2009.