• The removal of the tail risk to euro will be beneficial for Ireland
• ECB measures are complex and reservations some people have are understandable and not surprising
• Does not expect any ECB activity on Ireland today
• There are sequencing issues regarding Irish bank debt deal
• Asked if Bundesbank will come to love new ECB programme, Honohan says thinks they will
• A lot of differences between new programme and short term nature of SMP. ECB now aiming for something different