Oireachtas Joint and Select Committees
Thursday, 21 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source
Go raibh maith agat, a Chathaoirligh. I want to return to a question that I asked you, one of my final questions in the earlier session, and it was in relation to the Central Bank's reaction to the market ... the share price drop in ... of financial institutions here in this State, and I think you mentioned that this was a market adjustment at the time. Can I say to you, in particular, because it was become known, and I'll pick out one day in March because I asked you over the period of March, but St. Patrick's Day 2008 was known as the St. Patrick's Day massacre in the financial circles. It seen one financial institution, Anglo, it's well-publicised, its share price dropped by 23% at one point, finishing that day at 15% down, wiping a billion euro off the value of the bank, and losing, for every minute of trading, losing €1.6 million. Do you still believe that that was just a market adjustment, or do you think that there was something more?
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