Oireachtas Joint and Select Committees

Thursday, 18 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Kevin Cardiff:

He didn't present a paper. He ... an awful lot happened that night and don't take me at my word on the exact sequence but my recollection is he started the meeting more or less along the lines of, "Look lads, we have this big problem" ... a very calm meeting incidentally, and quite professionally chaired and so forth, even though the pressures were huge. He started the meeting along the lines of, "Look lads, we need a good broad solution that has a real chance," more or less along the lines of what I said in my statement, "that has a real chance of changing the trend, of doing one big job that will be somewhat comprehensive." And it became quite clear in his discussion that, you know, what he had in mind by that was quite a broad guarantee. Now, he didn't say "And here's the list of things." That ... the list of features emerged later in the discussion. But that took me ... not took me back, because it was one of the options, but it surprised me a bit. I thought the meeting would go somewhat differently, where he would say, "Okay, Department of Finance or Central Bank or whatever, you start from scratch and build up." But actually he had a view, I think, from the start. Now, I've read since, I didn't know at the time, but I've read since that there was a ... some level of discussion at the very least of this option at the Government meeting the day before, which is perfectly appropriate and natural. So maybe that was, that was what was generating that. But, I mean, frankly, it was good. Here we were, we had been talking about options for quite some time and now we had someone who was saying, "Let's make decisions."

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