Oireachtas Joint and Select Committees
Thursday, 14 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Richard Burrows:
My recollection is that that was reported upon subsequently to the board, yes. And the reason for it, by the way, was simply that we had loans to the owners of these landbanks. They were in development and it was a question of following our original loan with an additional loan to enable whatever work was in progress to take place. So, it wasn't new lending in that sense.
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