Oireachtas Joint and Select Committees

Thursday, 14 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Yes, because Mr. Goggin said in response to Deputy O'Donnell:

Actually that night I had no idea of the maturity profile of the bond portfolio in Bank of Ireland but what we did offer into the room, when asked for an opinion on what should be covered, it was very clear having had that dialogue with my colleagues over the course of the evening, the Bank of Ireland position was that senior creditors clearly needed to be covered, junior creditors in so far as they were dated instruments and we didn't feel that undated juniors should be covered...

And he went on to explain the rationale behind that position. That didn't happen on the night is what you're saying.

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