Governor Patrick Honohan was speaking before the Oireachtas Banking Inquiry today.

In his introductory statement, Honohan indicated that the focus on the night of the bank guarantee has been excessive. Honohan claimed that much of the losses and the costs for the Irish people had already been ineradicably incurred. 
 
He also expressed dissatisfaction with the nature of the bank guarantee while placing particular emphasis on Anglo and Nationwide.

Honohan said, "Probably some extensive form of guarantee would still have to have been granted, but it should not have included subordinated debt nor existing senior term debt. Given the evident failure of their business models – as was clearly indicated in the documents prepare by the investment bank consultants, Anglo and INBS should probably have been dealt with separately from the others through immediate nationalization and not included in a general guarantee. 

To what extent additional bail-in of creditors could have been fully effected over and above what was subsequently achieved is hard to say. As there was later, there would have been strong pressure from EU partners not to bail-in senior debt, and it is unclear whether any quid-pro-quo could have been secured in return."
 
Source: www.businessworld.ie