Oireachtas Joint and Select Committees
Wednesday, 16 January 2013
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Matters Relating to the Economy: Discussion with Governor of Central Bank
2:30 pm
Professor Patrick Honohan:
It is important to bear in mind that the Government did not provide a sum of money to be parcelled up to borrowers in negative equity. The Government provided a global sum that was based on a number of calculations and which was necessary to satisfy international requirements for bank capital adequacy so that the banks could continue to draw deposits from the public. This money is not available to be handed out one by one to the 59%.
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