Oireachtas Joint and Select Committees
Wednesday, 21 January 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source
I asked that question because Professor Lane offered his opinion at that time, but at exactly that point central banks were providing liquidity to other financial institutions that were in danger in other member states. In this regard I reference Fortis Bank, which was rescued by three European member states, France, Belgium and the Netherlands. On 26 September 2008, Fortis Bank was offered €5.4 billion in a marginal lending facility which had to be approved by the ECB governing council. On the morning of 29 September, the ELA was formally sanctioned for that bank and by 3 October, a number of days later, it rose to €51 billion. The reason I ask about this, and it was mentioned by Professor Lane and others, is that this was not unique. In terms of the ELA, it was not only provided by Belgium, it was provided by-----
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