This situation was compounded by the assumption by the state of the banks' debts in 2008. The Irish government led by Brian Cowen, following a late-night meeting with all the senior banking officials in the country on 30 September 2008, agreed to cover all of the banks' debts. This debt, now estimated at over €50 billion, (over half of which will be paid to Anglo Irish Bank) imposed a heavy burden on the tax-payer and severely damaged Ireland's ability to borrow money from the International Bond markets.