You might find this hard to believe - I do - but as far as I can determine the actual deal was negotiated by our central bank Governor and the top civil servant in the Dept. Finance with minimal political input or involvement.  It was a deal by bankers/administrators for bankers/administrators.  Not surprisingly the emphasis was on legalities rather than realities.  

Quite how the Minister for Finance and Taoiseach, not to mention the cabinet were absent from the substantive negotiations of quite the most import deal in the history of the state is beyond belief - and doesn't even seem to have entered public consciousness or political controversy yet.  It illustrates the degree to which Ireland and the EU have become international finance run entities rather than democracies.

Index of Frank's Diaries