Oireachtas Joint and Select Committees

Thursday, 15 January 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I accept that but going even further than that in terms of the management of the banking crisis, as the Governor knows, the guarantee was a two-year guarantee. At the end of September 2010 about €40 billion of senior bank bonds came out of guarantee and they were not covered by the eligible liabilities guarantee, ELG, which replaced the original one. Did the fact that every cent of that €40 billion - some secured, some unsecured but all unguaranteed now from September 2010 - had to be repaid contribute to the overall cost of rescuing the banks?

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