Oireachtas Joint and Select Committees

Thursday, 28 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Patrick Neary:

In relation specifically to the breaches of the limits, there was no legal or supervisory remedy that we could take for that thing specifically because the concentration limit was a guideline only and, therefore, it wasn't codified, it wasn't a legal requirement and it wasn't something that was covered by the administrative sanctions regime. So, the answer to that specific question, in a very, very ... to a ... in that very prescribed was, is no, there was nothing that we could actually do about that.

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