Oireachtas Joint and Select Committees

Thursday, 21 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

Okay, all right. And I'll afford two or three minutes when we come back at the end.

Could I just deal with one thing before we do go for a break, so, Mr. Hurley? And it is ... and this can allow, maybe, the secretariat, who are monitoring proceedings as well, to get a copy of that letter to you so you can re-familiarise yourself with it during the break. When Professor Honohan was before us earlier in the year discussing the Honohan report, the question specifically was put to him ... and this was the question because I put it to him myself ... is ... did the Governor - and it was in regard to your term as Governor ... did the Governor have the power to issue specific directions relating to a wide range of micro-prudential policies, including credit concentration limits, during the time prior to the guarantee? And the Governor wrote back to this committee on 12 February outlining a series of actions that could have been taken by the Governor and the Central Bank during that period. Are you familiar with that correspondence?

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