Oireachtas Joint and Select Committees

Wednesday, 17 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Kieran O'DonnellKieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

Just on all the evidence that's been given, like, can you explain the gap here that back as early as 6 June and it's document 77 on Vol. 2 of your own documents, you're preparing legislation to nationalise, legislation for a bank, okay? Then even prior to that, on 24 April, the Department of Finance, page 21 ... document 21, Vol. 2, you're preparing ... your ... within your Department, you're looking to put in place a guarantee for institutions. So, it would appear as if you were doing some contingency planning, at least, what, nearly five months out? So the question I'm asking is, there appears to the ... in terms of resolution mechanism legislation, it was mentioned at some stage but it never seemed to get anywhere. Why did you get to a point on the night of the guarantee where ... or two quick questions, did you ... was it your understanding prior to the meeting the night of the guarantee that you would be nationalising Anglo? And, why was there no resolution mechanism legislation in place? How much did ye pay Merrill Lynch, and why did ye ignore the advice of Merrill Lynch and who was driving on the night of the guarantee ... the blanket guarantee would be put in place?

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