Oireachtas Joint and Select Committees

Thursday, 11 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. I'm going to refer to your core booklet, it's Vol. 2, page 3, and I ... I'll quote the section anyway, but it's Vol. 2, page 3. This is a summary of draft minutes from the financial stability co-ordination committee in April 2004, and the summary reads:

... the CBFSAI had not convinced market participants that there may be "systemic risk" building up in the banking sector. Indeed, he indicated that there may be a "degree of euphoria building up in the property lending markets, and that the boards and managements of banks are being myopic about the potential risks.".

That's in April 2004. Is that a fair report of the discussions to your knowledge of the time?

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