Oireachtas Joint and Select Committees
Thursday, 26 February 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Mr. David McWilliams:
The comments were about the immediate cost. At the time, the options before the State were to incur many billions of euro of costs immediately with the notion of crystallising losses. The article explicitly said it would not cost a penny at that moment. The idea was to buy time by doing it temporarily. No banking crisis can be dealt with without cost. At the time, major discussions were taking place about budget deficits-----
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