Madam, – Mr Mathews (August 4th) claims it is untrue to state that “Merrill Lynch recommended a blanket guarantee of Anglo Irish Bank, including, incidentally subordinated debt”.
I would refer Mr Mathews to Document 3 on the PAC website, which is an email from Merrill Lynch examining various options.
Under option “(b) State Protective Custody”, Merrill Lynch set out “A State guarantee would be given to all depositors and senior creditors as well as dated subordinated debt holders (...)”.
Mr Mathews also claims that “nowhere in the conclusions, does the quotation “it is hard to argue ... in the absence of decisive action” cited by Mr. Lenihan appear.” This statement appears in paragraph 1.25 in the Chapter titled Summary and Conclusions. – Yours, etc,