Oireachtas Joint and Select Committees
Thursday, 14 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Richard Burrows:
I think we're mixing up two things here. The guarantee was primarily to stop a deposit run the following day. The wholesale funding or the ECB funding on collateralised security was a different thing entirely. Let me say this: I don't remember the exact detail of the conversations which we had with Mr. Hurley about that but I can tell you that we always found in Mr. Hurley a very sympathetic ear in terms of taking the issues as we saw them in Ireland to the ECB and so therefore I'm quite sure that he explored every possible avenue to give us what we wanted, but clearly was up against the authority of the ECB and that's what he was reporting to us.
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