Oireachtas Joint and Select Committees

Thursday, 14 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Paul Dobey:

I have said I don't fully understand how the political system works, but I would imagine that in order for Kevin Cardiff to give that assurance, he would have to have had some acknowledgement from the Government, from the Minister. In 2011, as I recall, we looked for those assurances. The Government guarantee was not there any more or was about to expire. We did have the eligible securities guarantee. We looked for assurances around liquidity and we spoke to the deputy governor in the Central Bank at that time and he did give us some assurances. They weren't as fulsome as we would have liked. Then we went and spoke to the then Secretary General of the Department of Finance at the time and she was not in a position to give us the assurance because she did not have a Minister.

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