Oireachtas Joint and Select Committees

Wednesday, 29 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. David Duffy:

I think, for the residual value of the transfer, we had to have an asset that was something in terms of the value that we were retained, you know, for the transfer that was applicable as a liquidity driven funder, so it was very important because, at the time, we had, I think, close to €30 billion of funding from the ECB and we had to repay all of that through the asset deleveraging and the wind-down of the NAMA bonds themselves so I think they were an important part of the construct of our funding at that time.

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