Oireachtas Joint and Select Committees

Wednesday, 6 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Cormac McCarthy:

In the Republic and outside the Republic. Elsewhere, I think I explained, elsewhere ... earlier on, that this was not confined to the Republic of Ireland because the guarantee embraced the international divisions of the Irish banks, therefore those, perversely at the time, the Irish Government guarantee was the best guarantee in the world for a period of... a short period of time. Therefore money, internationally would have moved into Irish banks, because the system was very stressed at the time. That would... we would have seen that in the United Kingdom.

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