Oireachtas Joint and Select Committees
Thursday, 21 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. John Hurley:
Yes. No, the issue that arose in 2008, if I remember rightly, was that the Minister announced, as a result of the ... as a result of the economic and financial problems, I think he brought in a budget which required all institutions to cut back to some extent. My memory of that is that in the discussions, any discussions were prefaced that organisations must fulfil their statutory responsibilities, but we still, I think, were required to try and respond in some way to the Minister's decision, as a public institution. And we did that in a sensible way, both on the ... the Central Bank side had far more scope, I think, to do that, in that we could, you know, cut back on some support services. But on the regulatory side, I can't really answer what the response was there.
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