Oireachtas Joint and Select Committees
Thursday, 7 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Robert Gallagher:
I said in my opening statement, Deputy, that the outcome of Ulster Bank's requirement for capital and provisions was ... a ... an input of assumptions which turned out to be wrong. So by definition, we incurred impairment because the assumptions were wrong. So I would differentiate between that and heroic assumptions. But ... but the broad thesis I ... hard to disagree with.
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