Oireachtas Joint and Select Committees
Thursday, 26 March 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Mr. Michael Doorly:
There were a number of elements to that. It was quite complex. The first element was that the company had to dispose of its asset in South Africa, the company had to restructure its defined benefit pension plan and the company had to raise finance from its shareholders. That happened in 2013 and reduced the debt by €300,000.
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