Oireachtas Joint and Select Committees

Thursday, 15 January 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Photo of Marc MacSharryMarc MacSharry (Fianna Fail) | Oireachtas source

I welcome Professor Patrick Honohan and thank him for being with us morning.

It has already been asked by the first questioner as to how much the guarantee actually cost. Professor Patrick Honohan ventured that it came to €40 billion. On re-questioning from others, he said he was happy to clarify that the cost of the guarantee was not €40 billion but the cost of rescuing the banks may be €40 billion, which includes a wide variety of other measures, including the European Central Bank’s position of not allowing bondholders not to be burned. Is that correct?

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