Oireachtas Joint and Select Committees

Thursday, 5 February 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Mr. Mario Nava:

No, what I am saying is that the directives were transposed and the Commission checked over the transposition of all the directives. What I am saying is that there could have been moves by the national supervisors which were not prevented by the directive. They were not even guided and they were not prevented. The reason there was not a precise guidance is exactly because there were different situations in different countries and therefore subsidiarity applied and depending on the economic and banking situation in a given country, the response would have been different from the response in another country.

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